Latest news with #ASX300
AU Financial Review
13-05-2025
- Business
- AU Financial Review
Board diversity: ‘What we're doing is not working'
Fewer directors with Chinese or Indian backgrounds sit on large listed company boards than in 2017 and the number of Indigenous or openly gay directors remains in single digits, prompting calls for targets to improve the diversity of key corporate decision-makers. Only 8.1 per cent of ASX 300 company directors are from a non Anglo-Celtic background, down from 8.8 per cent last year and 9.5 per cent eight years ago, a report from the Australian Institute of Company Directors, executive search firm Watermark Search International and Deloitte shows.
The Market Online
28-04-2025
- Business
- The Market Online
Alkane to merge with Canadian Mandalay in golden bid for ASX300 status
By: Sonia Madigan Alkane Resources (ASX:ALK) and Mandalay Resources Corporation (TSX:MND) will merge their companies and three operating mines in a bid to see their gold production increase to more than 180,000 ounces next year and push for a market cap above A$1 billion. The 'merger of equals' transaction has been declared through a 'definitive arrangement agreement' which will see Alkane acquire all the shares of Mandalay. The name and ASX-listing Alkane Resources will stay and the merged company will seek a new listing on the TSX. The deal to drive market cap above $1 billion Under the arrangement, Mandalay shareholders will receive 7.875 shares of Alkane for each Mandalay share held. The companies reported it was about increasing scale and trading liquidity, with the implied market cap of the combined entity expected to be A$1,013 million. With that, the companies are hoping to make the ASX300. The initial production goal for this year will be 160,000 g/t. Alkane trading up on recent intercepts Prior to this announcement, Alkane had a market cap of $454 million and last closed at 75c – up from 61c since April 7, when it announced it had struck high grade gold intercepts in drilling at Tomingley Caloma and Roswell in Central West NSW. These grades included 3.1 metres at 196.95g/t from 115m deep, including a metre at 589g/t from 116m down. Combined entity to be Australia-based The executive team will be Perth-based, led by Alkane's Managing Director Nic Earner. Today's ASX announcement said the transaction would create 'a diversified Australian centric gold and antimony producer with a portfolio of three operating mines and a strong balance sheet'. 'Alkane's established Tomingley gold mine (Australia), currently ramping up after a major capital expansion, will complement the well established and stable production from Mandalay's Costerfield underground gold/antimony mine (Victoria, Australia) and the Björkdal underground gold mine (Sweden).' Taking Alkane to a 'new level' Alkane's Nic Earner said the deal would 'take Alkane to a new level, bringing together two companies with complementary assets and a shared vision for growth'. 'Mandalay's two high-quality mines match the attributes of Tomingley: a proven history of consistent production, cash generation and exploration upside,' he said. 'The combination of assets, leadership, andsupportive long-term shareholders enhances our scale and financial strength, and positions us well to continue to pursue additional growth opportunities.' Mandalay's CEO and President Frazer Bourchier said the company had the support of its major shareholders. The combined entity will have a cash balance around C$166 million. Join the discussion: Find out what everybody's saying about this stock on the Alkane Resources Bullboard, and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
