Ramelius' offer for Spectrum gains momentum
PERTH (miningweekly.com) – Gold miner Ramelius Resources has declared its takeover offer for fellow-listed Spectrum Metals to be unconditional, having gained a 50.5% interest in the takeover target.
Ramelius earlier this year launched its takeover offer for Spectrum Metals, offering that company’s shareholders one Ramelius share for every ten Spectrum shares held, in a bid to obtain the high-grade Penny West gold project, in Western Australia.
The Spectrum board has unanimously recommended the offer in the absence of a superior proposal.
Ramelius on Wednesday extended the offer period until close of business on April 30, and has accelerated the payment terms for the takeover offer, saying Spectrum shareholders would be issued their consideration within ten business days of acceptance.
Spectrum has again urged shareholders to accept the takeover offer, adding that given the strong control position held by Ramelius, it was unlikely that a superior offer would emerge.
Ramelius previously said that following the successful completion of the offer, the company will undertake a comprehensive review to determine the optimal pathway to first cash flow from Penny West, while continuing an aggressive exploration programme at the project.
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