Troy declares Azimuth takeover offer unconditional
JOHANNESBURG (miningweekly.com) – Gold producer Troy Resources has declared its offer for ASX- and TSX-listed Azimuth Resources free from all conditions.
In a statement released on Tuesday, the company stated that its voting power, plus acceptance instructions under the institutional acceptance facility, stood at 78.23%.
Troy announced its off-market share-trade takeover of fellow gold miner Azimuth at the end of March, offering one Troy share for every 5.695 Azimuth shares held. This would see Troy shareholders holding 55% of the combined company.
As the offer had now been declared unconditional, Troy had a relevant interest and voting power in the shares in the institutional acceptance facility. Processing of all acceptances received to date would now begin.
Azimuth shareholders that had already accepted Troy's offer, or who did so prior to July 5, would be issued new Troy shares on July 11, while those who accepted the offer after that date would be issued Troy shares in accordance with the terms of the offer.
“The offer continues to be unanimously recommended by the board and CEO of Azimuth, and shareholders who have not accepted the Troy offer are encouraged to do so as soon as possible,” the company said.
Once Troy had obtained a relevant interest in Azimuth shares of at least 90%, the company would proceed to compulsory acquisition of all outstanding Azimuth shares.
Azimuth shareholders that did not accept the offer during the offer period and whose shares were subject to compulsory acquisition would not receive consideration until about six weeks after the compulsory acquisition process had started, after which Troy expected the ASX to suspend quotation of Azimuth shares.
The offer was scheduled to close on July 12.
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