Decisions
Inmet Mining Corporation and Petaquilla Minerals Ltd. [Decision]
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BCSECCOM #:
2012 BCSECCOM 409
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Document Type:
Decision
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Published Date:
2012-10-31
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Effective Date:
2012-10-31
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Details:
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2012 BCSECCOM 409
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| Panel | Brent W. Aitken | Vice Chair |
| Brad Doney | Commissioner | |
| Don Rowlatt | Commissioner |
| Date of Hearing | October 30, 2012 |
| Date of Decision | October 31, 2012 |
| Appearing | |
| Robert Cooper Miranda Lam Shane D'Souza | For Inmet Mining Corporation |
| Sean Boyle Alexandra Luchenko Craig Thorburn | For Petaquilla Minerals Ltd. |
| Paige Leggat Gordon Smith | For the Executive Director |
Background
¶ 1 On September 5, 2012, Inmet Mining Corporation announced it was prepared to offer C$0.48 in cash or .0109 Inmet shares for each Petaquilla Minerals Ltd. common share (or a combination thereof) implying a total equity purchase price of approximately C$112 million.
¶ 2 The offer commenced on September 28, 2012 by way of a take-over bid circular dated September 27, 2012. On October 24, 2012, Inmet announced its intention to increase the consideration offered to Petaquilla shareholders pursuant to the offer and extended the expiry of the offer to November 5, 2012 at 11:59 pm, Pacific Standard Time.
¶ 3 On October 18, 2012, Inmet applied to the Commission for an order, pursuant to section 161 of the Act, cease trading the shareholder rights plan adopted by Petaquilla on October 18, 2010.
¶ 4 On October 25, 2012, Petaquilla applied to the Commission for an order pursuant to section 161 of the Act cease trading any securities that may be issued pursuant to Inmet’s offer or, in the alternative, an order pursuant to section 114 that Inmet amend or vary its take-over bid circular.
¶ 5 On October 29, 2012, Inmet amended its application and asked the Commission to also cease trade any securities that may be issued pursuant to a note offering announced by Petaquilla on July 17, 2012.
¶ 6 We heard the applications on October 30, 2012, during which the parties called evidence and made submissions.