Norton's takeover of Kalgoorlie unconditional
PERTH (miningweekly.com) – ASX-listed Norton Gold Field’s takeover offer of fellow-listed Kalgoorlie Mining Company has been declared unconditional.
The suitor said on Friday that it had received acceptance representing some 84.85% of Kalgoorlie’s shares and 55.5% of its listed options.
Earlier this week, the takeover cleared its regulatory approval hurdle after the Foreign Investment Review Board gave the deal its consent.
Under the terms of the transaction, Norton was offering 0.054 of its own shares, and 0.054 options for every Kalgoorlie share held, exercisable at 27c an option before the end of April 2015, and 0.024 options for each listed Kalgoorlie option, exercisable at 25c a share, before the end of May next year.
The offer represented a 55% premium to Kalgoorlie’s shares, based on a 90-day volume-weighted average price of Norton’s shares, and an independent valuation of the Norton options.
Norton on Friday urged Kalgoorlie’s remaining shareholders to accept the offer prior to its close on August 7.
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