Efora Energy has ended discussions over a potential transaction after its board rejected the final offer in its present form, the JSE-listed company said on Monday.
The announcement marks a change from its September update, when negotiations were continuing and the board had deferred the court process for its own contemplated provisional liquidation.
In a SENS notice released at 14:08 on 2 November, Efora said the discussions had ended without an agreement. It did not disclose the offer’s terms, identify the prospective counterparty or explain why the board had rejected the proposal.
Separate liquidation application awaits confirmed outcome
Efora also said a liquidation application brought against it by Seodi Coal had been scheduled for a hearing on Monday. The company said it would inform shareholders once the outcome was confirmed.
The notice does not establish that a liquidation order has been granted. Efora said the application had previously been struck from the High Court’s urgent roll, a development it announced on 26 August.
In its 28 September announcement, Efora had said its own provisional-liquidation court process remained deferred while it pursued the potential transaction. That process and Seodi Coal’s application should not be treated as the same proceeding.
Monday’s update confirms the end of the negotiations, but leaves the court outcome unresolved. Efora retained its cautionary notice to shareholders pending a further announcement.
