KEY POINTS:
Summit Resources today said a trading halt had been placed on its securities pending a material announcement by the company.
The trading halt will remain in place until the earlier of: the announcement, or midday Thursday.
Last month, mining company Summit Resources received a A$1 billion ($1.14 billion) hostile bid from Paladin Resources Ltd.
Paladin launched its hostile bid in early March, offering one share for every 2.04 fully paid Summit shares.
Summit rejected the offer, labelling it opportunistic and inadequate.
The focus of the bid is the large Valhalla/Skal uranium deposit, near Mt Isa in Queensland, which is held in a 50/50 joint venture between Paladin and Summit.
Paladin has an operating mine in Namibia and is working on bringing its second mine in Malawi online.
Summit shares leapt 21 cents today to a record $6.06 on the local exchange ahead of the trading halt. The shares have soared from $1.80 a year ago and 33 cents two years ago.
- NZPA
