Cokal, which has received an unsolicited non-binding and incomplete proposal in relation to a conditional off market takeover bid by Cakra Mineral, is in uncharted waters, with the two parties undertaking the first ever takeover between Australian and Indonesian stock exchange listed companies.
Cakra has finalised its bidder’s statement with the exception of financial information about Cakra and the merged entity, it said.
“As an entity listed on the Indonesian Stock Exchange, Cakra has prepared its financial reports in accordance with Indonesian accounting standards. Following consultation with ASIC and to comply with Australian regulatory requirements, Cakra’s bidder’s statement must include financial information for a three-year period in a form which meets International or Australian Financial Reporting Standards (AIFRS) or can be reconciled to AIFRS.”
The preparation of that information has been delayed due to religious and public holidays in Indonesia from July 16 to 21 inclusive, it said.
“Cakra has received an extension of time from ASIC in which to lodge its bidder's statement for a further month, so that the bidder’s statement is now due by no later than August 13, 2015,” the company said.
“Cakra remains committed to making the offer and believes that its offer can be made as soon as the IFRS Financial Information is finalised.”
Cokal executive chairman Peter Lynch said the company was disappointed with the delay and looked forward to receipt of the Cakra offers as soon as possible.
