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EMP 0.3¢

the plot thickens

  1. xerxes_ph

    9,081 Posts.

    EMP in a response to an ASX question re. its recent price rise "knows nothing" (at this stage) about a takeover bid from DRD - but acnowledges that DRD is on the register with some 19.8% of EMP's issued capital ... EMP also said that it is aware that DRD has raised in excess of $40 million for an acquisition in Australasia.

    EMP speculated that the rise in the shareprice may be due to:

    1. The recent increase in the US$ gold price
    2. Projeted cost savings of A$5 million of month through its new powerplant
    3. Progress being made on its major expansion plan (the biggest in the company's history for 70 yrs) which is on schedule for complation in Dec. 2004 and which will significantly beef up production.

    Note that DRD is looking to acquire in "Australasia" - and that includes Fiji.

    I would not rule a takover out at all - quite the contrary.

    Some coy games are being played right now - fascinating stuff.

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