Rayrock's new president has less than 3 weeks to find deal to save company

Article Abstract:

Rayrock Resources, a Toronto, Ontario-based company, is currently seeking for an acquisition or a merger partner to counteract the takeover proposal of Quest Ventures Ltd. of Vancouver, BC. Under the plan, which is being spearheaded by the company's newly appointed president James Askew, the company would issue an initial dividend of approximately C$5.50 a share as payment and eventually combine Rayrock's remaining gold and base metal assets with a bigger company. Quest Ventures' proposal, on the other hand, calls for the nomination of a new slate of directors on a special meeting, which will be held on Nov. 20, 1998.

Comment:

Is currently seeking for an acquisition or merger partner to counteract takeover proposal of Quest Ventures Ltd of Vancouver, BC

Ontario, Mining & Extractive Industries, Mining, Rayrock Resources Inc.

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Manalta Coal abandons poison pill

Article Abstract:

Manalta Coal Income Trust, based in Calgary, Alberta, has decided to cancel the poison pill it adopted to defend from the C$550-million takeover offer by Edmonton, Alberta-based Luscar Coal Income Fund. The two coal companies were to appear before a joint Alberta-Ontario securities commission, after Luscar filed an application to kill the poison pill. The change in tactics from Manalta raises doubts on whether the company can find another buyer before the expiration of Luscar's offer on Sep. 3, 1998.

Comment:

Manalta decides to cancel poison pill adopted to defend from C$550-mil takeover offer by Luscar Coal Income Fund

Asset sales & divestitures, Coal, Coal Mining, Alberta, Luscar Coal Income Fund, Manalta Coal Income Trust

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