Investment firm Saratoga Investama Sedaya (SRTG) opts no revision for acquisition price over Finders Resources Limited, though its consultant (Eastern Field Development Limited) suggested the revision. Eastern Field Development Limited is held by Saratoga, Merdeka Copper Gold, and Procap Partners Limited (Provident). Finders is an ASX-listed company controlling Wetar Copper project in Maluku province, Indonesia, The proposed tender offer by Eastern Field could make Provident-Saratoga-MDKA a major gold-copper-silver miner in Indonesia. MDKA, as you know, started gold production in Banyuwangi, East Java this year with plan to ramp up production to 145,000 ounces next year.
The management of Finders has informed ASX that a total of 37.58% shareholders of Finders do not intend to accept the takeover offer at $0.23 per share. Eastern Field, owner of 19.8% interest in Finders, accordingly, extended the offer period to January 19, 2018.