Perseus declares its offer for OreCorp unconditional

An image of Perseus chairperson and CEO Jeff Quartermaine

Perseus chairperson and CEO Jeff Quartermaine

Photo by Bloomberg

8th April 2024

By: Tasneem Bulbulia

Senior Contributing Editor Online


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ASX- and TSX-listed Perseus Mining has declared that its off-market takeover bid offer for all the current and to be issued ordinary shares in ASX-listed OreCorp is now unconditional, and best and final in the absence of a competing proposal.

As of April 5, Perseus has a relevant interest in 239.5-million OreCorp shares representing 51.03% of OreCorp shares in issue.

Perseus advises that, in the absence of a competing proposal, it will not increase the current offer consideration of $0.575 per OreCorp share.

Perseus has declared the offer free of all conditions and thus unconditional.

Perseus has also accelerated the payment terms for the offer consideration.

It urges OreCorp shareholders to accept the offer in respect of their OreCorp shares.  

OreCorp has also announced that it is actively working with Perseus to transition the OreCorp board and management team.

Perseus says it appreciates the collaborative relationship it has developed with OreCorp and intends to appoint representatives to the OreCorp board and management team including chairperson Jeff Quartermaine and CEO and MD Lee-Anne de Bruin.

In conjunction with these appointments, several of the current OreCorp board members will step down. Once implemented, these board changes will ensure the majority of directors on the OreCorp board are Perseus’ nominees.

Perseus says it has been encouraged by the strong working relationship developed between OreCorp and Perseus during this management and board transition period.

“We are pleased with the positive response from OreCorp shareholders and to be able to declare the offer unconditional and best and final. The offer provides compelling benefits and value to OreCorp shareholders, as well as the opportunity for OreCorp shareholders to realise certain and expedited value for their OreCorp shareholdings.

“Senior executives from Perseus are scheduled to visit Tanzania in the very near future to continue the process of building relationships in-country with key government and industry stakeholders as well as existing employees and associates of OreCorp, and to prepare the way for the commencement of the development of the Nyanzaga gold project,” Perseus chairperson and CEO Jeff Quartermaine says.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online




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