AfNat, which holds 13.3m shares in Niger Uranium Ltd and is chaired by David Weill, has today announced an all share takeover deal by TSX-V listed gold explorer AXMIN (AXM, http://www.axmininc.com/DesktopDefault.aspx?tabid=1 ).
By my reckoning, the deal values AfNat at around £9m (2.4p/share) using AXMIN's last traded price and looks like a decent offer relative to AfNat's current market price below 2p - though not quite so good against tangible assets that I calculate at over £10m (2.5p/share), comprising cash of £6.1m, following the recent Niger Uranium Ltd divvy and other transactions, shares in URU and a recent investment in private company CDC.
What intrigues me about this is that around 50% of AXMIN is owned by the privately held Addax & Oryx Group .
Addax Petroleum was previously spun out of Addax & Oryx and sold last year to Sinopec.
All I know about the management of Addax & Oryx is that it is chaired by Jean Claude Gandur (who also chairs AXMIN).
I'm wondering if anyone else here knows anymore about this "mysterious" group and its management?
The author may hold shares in this company, all opinions are his own and you should check any statements that appear factual and not rely on them before making an investment decision. The author is NOT a qualified analyst nor authorised to give investment advice. Whilst the author is a director of ShareSoc, all views expressed are entirely his own and not necessarily those of ShareSoc.