THE CONFERENCE CALLER: A takeover bid by Patronus Resources (ASX: PTN) for Matsa Resources (ASX: MAT) provides next week’s RIU Explorers Conference a bit of colour.

The week could, of course, run its usual course with companies espousing their investment opportunities, but a bit of subterfuge between chums never goes astray.

Earlier this week Patronus Resources announced an on-market takeover offer for Matsa Resources where the former declared its intentions to acquire all of the shares of the latter it doesn’t already own.

It’s not as if Patronus is going in blind, after all it and its associates combine to currently hold the largest shareholding interest in Matsa, with an interest of 19.57 per cent of that entities fully paid ordinary shares.

The announcement did everybody a favour taking Matsa’s share price from four cents on 6 February 2025 to a nice little earner of 5.2 cents at the time of writing, a much-improved price compared to the 4.5 cents offered by Patronus.

Patronus told Matsa shareholders its offer would give them an “attractive, certain and immediate value,” for their holding. It would certainly appear so given the boost its intentions ignited.

Patronus continued its spiel, saying the offer was made, “with the intention of increasing its ownership in Matsa and will seek to potentially restructure the existing Matsa Board / management and conduct a strategic review of Matsa’s asset base”.

The company went on to say it was “supportive of Matsa securing additional equity funding to repay Matsa’s existing indebtedness in order to concurrently remove the security claims provided to these existing secured debt providers”.

Unsurprisingly Matsa Resources responded by telling shareholders to bide their time in an announcement telling them, “The Directors of Matsa are carefully considering the unsolicited Offer and intend to provide their recommendation to shareholders via the release of a target statement in the coming weeks”.

“In the interim, shareholders are advised to TAKE NO ACTION at this stage in relation to the Offer or any documents shareholders may receive from Patronus.

“There will be sufficient time after the release of Matsa’s target statement for shareholders to consider the Offer.”

The Roadhouse will, of course, be attending the RIU Explorers Conference next week and will be making all efforts to get the thoughts from both companies on any developments that may arise in the meantime.