Northern Star maintains $150 million is a fair offer for Rand Mining and Tribune Resource’s combined 49 per cent stake in the East Kundana Joint Venture project, with the gold giant citing recent admissions of ongoing rule breaches by the companys’ controlling shareholders.

In releases to the ASX on Monday, Tribune Resources said it had declined Northern Star’s ‘significantly undervalued’ November 13 offer of $112.5 million for its 36.75 per cent interest in the Western Australian gold project, while Rand Mining said it had knocked back a $37.5 million offer for its 12.25 per cent holding.

Northern Star, which currently owns 51 per cent of East Kundana, said neither Tribune nor Rand boards had formally engaged with the offer and that the propositions had not been put to the Tribune nor Rand shareholders for consideration.

‘As a shareholder in both Tribune and Rand, Northern Star remains concerned about the Takeovers Panel September 14 declaration of unacceptable circumstances against Tribune and Rand controlling shareholders, with respect to their non-disclosure of controlling shareholdings,’ Northern Star said in a release.

‘Northern Star continues to believe its cash offer is a fair and sensible pathway for Tribune and Rand shareholders to unlock the value of their company’s interests… particularly in view of the December 19 admissions by an existing Tribune and Rand director and by controlling shareholders in Tribune and Rand of past and ongoing breaches of the Corporations Act and the ASX Listing Rules.’

In near-identical releases, the boards of both Tribune and Rand said Northern Star’s offer was opportunistic.

‘In reaching its conclusion, the board considered qualitative factors, such as the timing of the offer, which the board considers to be opportunistic in light of the takeovers panel’s declaration of unacceptable circumstances in relation to the affairs of the company, and financial advice provided by its financial adviser, Argonaut,’ the releases said.

Rand shares were last trading at $2.00, down 11.5 per cent for the fourth quarter, while Tribune was trading at $4.00, down 28.7 per cent for the quarter.

Northern Star was trading 0.11 per cent higher at $9.25 at 1220 AEDT on Monday.