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MOD readies to vote on Sandfire deal

21st August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – The shareholders of Africa-focused copper developer MOD Resources will meet on October 1 to vote on the A$167-million takeover offer from fellow-listed Sandfire Resources, after the Supreme Court of Western Australia approved the transaction.

Sandfire is offering each MOD shareholder either 45c in cash for each of their shares, capped at A$41.6-million or 25% of the overall consideration, or 0.0664 Sandfire shares for each MOD share held.

The offer, which has been unanimously recommended by MOD directors, has also been approved by the competition authority of Botswana.

If shareholders approve the transaction, MOD will cease share trading on the ASX and the LSE on October 9.

Edited by Creamer Media Reporter

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