SGX waives shareholder approval requirement for Golden Energy's A$70m JV investment

The company is using its existing cash reserves to fund the JV, but will have enough reserves for its working capital after the transaction, it said.It also does not expect the JV investment to have a significant adverse impact on its consolidated earnings and gearing.

In the absence of an independent valuer on the gold mine, SGX said Golden Energy must explain how its board found the potential A$300 million purchase consideration reasonable. The company's management team had conducted a comprehensive internal evaluation and valuation of the gold mine based on various methodologies, Golden Energy said.

It arrived at a valuation of between A$200 million and A$300 million based on the discounted cash flows method, which was the lowest among all methodologies the company had used.for up to A$300 million, and aimed to complete the deal by March 31, 2020. Golden Energy shares closed down one Singapore cent or 8.1 per cent to 11.4 cents on Monday before the announcement was made.

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