AJL completes buyout of Avesoro shares
Aim- and TSX-listed Avesoro Resources’ controlling shareholder Avesoro Jersey (AJL) has completed the compulsory acquisition of all remaining shares of the company.
The acquisition is pursuant to Part 17 of the Canada Business Corporations Act following the previously announced successful takeover bid.
Following the expiration of the offer, which was extended until December 3, 2019, for the mandatory extension period, AJL owned nearly 80-million common shares in Avesoro, representing about 97.9% of the issued and outstanding Avesoro common shares.
In a statement on Monday, it was announced that AJL had acquired an additional 1.7-million common shares pursuant to the compulsory acquisition, representing about 2.1% of the issued and outstanding common shares, at a price of £1 a share.
Following the acquisition, AJL now owns over 81.5-million common shares, representing 100% of the issued and outstanding common shares of the company.
Avesoro has applied to have the common shares delisted from the TSX and the Aim market of the LSE in accordance with the policies of such exchanges.
It is anticipated that the Avesoro shares will be delisted from the TSX at the close of trading on January 7, and the depository interests representing the common shares will be delisted from the Aim as of January 8.
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