Australia  

Celebrating 10 Years of Trusted News Discovery
One News Page
> >

Metminco closes takeover of Andes Resources after gaining 99.7%

Proactive Investors Friday, 16 August 2019
Metminco Limited (ASX:MNC) has closed its all scrip takeover offer for 100% of the fully paid shares in Andes Resources Limited and has obtained 99.7% of all Andes shares on issue. The company has started the compulsory acquisition process for the remaining Andes shares on issue. Compulsory acquisition notices and related correspondence has been dispatched to Andes shareholders who have not accepted the offer and the relevant notices lodged with ASIC. The compulsory acquisition will be on the same terms as the takeover offer - 25 Metminco shares for every 1 Andes share held. Upon closing of the offer at 5pm on August 15, 2019, Metminco had received acceptances of 103,824,990 of 104,104,157 Andes shares. Acceptance from Sandfire This included acceptance from Andes’ largest shareholder Sandfire Resources NL (ASX:SFR). RMB Australia Holdings Limited will be allocated 1 billion Metminco shares. These are to be issued in consideration for entry into the RMB Debt Refinancing Agreement, upon RMB receiving approval from the South African Reserve Bank. Based on conversations with RMB, Metminco expects this approval to be forthcoming within the coming weeks. Focus on Colombia The merger with Andes will create a leading Colombian gold explorer with a dominant position in the richly endowed Mid-Cauca Gold Belt.
0
shares
ShareTweetSavePostSend
 

You Might Like

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.