Spare a thought for shareholders in Caspin Resources, the ASX-listed rump of the company that once owned a half stake in the sought-after West Musgrave nickel and copper project.
Spare a thought for shareholders in Caspin Resources, the ASX-listed rump of the company that once owned a half stake in the sought-afterCaspin hit the boards in late 2020 after Cassini Resources, the half-owner of West Musgrave, split out its other assets and folded into OZ Minerals, which already owned the other 50 per cent of the project. Importantly, Caspin was given the right to receive a potential payment from OZ Minerals if the company ever sold all or part of West Musgrave.
That payment topped out at $20 million. Compared to BHP’s $9.6 billion takeover of OZ Minerals, its small change. But Caspin’s entire market capitalisation is just $22.1 million – having fallen more than 62 per cent in the past 12 months alone. Clearly, a decent windfall for investors. Caspin shareholders had pinned their hopes on a subclause in the demerger document which noted that, “the payments described above will apply, with all necessary changes, to any alternative transaction the economic effect of which is equivalent or substantially equivalent to the sale or transfer of any portion of [West Musgrave]”.
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