Metals magnate Sanjeev Gupta has written to the shareholders of ASX-listed Havilah Resources, saying his company, GFG Alliance, had no intention of replacing the company’s management team and committed his business to a long-term partnership with the Australian company.
Havilah’s shareholders are set to meet on September 12 to vote on a A$100-million deal with GFG Alliance member SIMEC Mining, which would see the funding be provided through a series of equity placements in Havilah, at a premium of up to 35%, over a three-year period, potentially providing GFG with a 51% stake in Havilah, if all the equity placements are made.