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- Ramelius Resources (RMS) reaches 90.8 per cent interest in its takeover of Apollo Consolidated (AOP)
- The company announced intentions to acquire all the shares in the WA gold and copper explorer back in October, valuing Apollo shares at 56 cents each
- Ramelius is moving to compulsory acquisition of the remaining shares and is urging shareholders to accept the offer before the close date of December 17
- Ramelius shares last traded 3.8 per cent lower at $1.50, while Apollo shares last traded 1.7 per cent higher at 58 cents
Ramelius Resources (RMS) has reached 90.8 per cent interest in its takeover of Apollo Consolidated (AOP).
In October, Ramelius announced intentions to acquire all the shares in the Western Australian gold and copper explorer.
Apollo owns the Lake Rebecca Gold Project in WA which Ramelius said provides a great opportunity to grow its assets.
The offer sees Apollo shareholders receiving 34 cents and 0.1375 of an RMS share for each AOP share held, valuing Apollo shares at 56 cents each and the company at $128 million.
Today’s news follows the company extending the offer yesterday, which won’t be extended further.
Now, Ramelius has acquired 90.82 per cent of Apollo shares and is moving to compulsory acquisition of the remaining shares.
As such, RMS is urging remaining Apollo shareholders to accept the offer without delay to receive consideration within five business days.
Shareholders who don’t accept the offer before the closing date on December 17 will not receive consideration until after the acquisition process is completed, which RMS expects will be longer than one month after the offer closes.
In support, the independent Apollo Directors have unanimously recommended that remaining shareholders accept the offer.
Ramelius shares last traded 3.8 per cent lower at $1.50, while Apollo shares last traded 1.7 per cent higher at 58 cents.
