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Azumah urges shareholders to accept offer before Xmas

Azumah Resources independent directors have recommended that its remaining shareholders accept private equity firm, Ibaera Capital’s, 3.3 cents a share offer. Ibera now has a relevant interest in 83% of Azumah’s shares with all Azumah directors and major shareholders now accepting Ibarea’s offer.

If Ibaera acquires 90% or more of Azumah, shareholders that have not accepted the offer before the 17th December can have their Azumah shares compulsorily acquired under Australian corporations law.

 

Ibera has previously declared that the 3.3 cents per Azumah share offer as final and representing a 136% premium to the company’s closing price before the original offer was made in September and an 18% premium to the 2.8c per share offer made by Ibaera at that time.

Ibaera and Azumah have urged remaining shareholders to accept the revised offer saying that there were risks associated with small shareholders remaining on an illiquid register.

In particular, Azumah said that Ibaera may seek to delist the company, which means that any remaining shareholders would lose the opportunity to trade their shares on the open market and the protections and transparencies that usually come with a public company would potentially be reduced.  

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

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Total Shareholder Return as at 31/12/19

1 year TSR5 year TSR
173rdBlack Rock Mining42%7%
232ndAzumah Resources27%11%
327thBannerman Resources8%-10%
396thBlina Minerals0%0%
401stBlaze International0%-35%
668 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
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Share Transactions

08/11/19
$54k Other
08/11/19
$54k Other
08/11/19
$109k Other
Total value as at the date of the transaction
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Revenue

376th↓Azumah Resources$0
377th↓Bannerman Resources$0
378th↓Black Rock Mining$0
380th↑Blaze International$0
381st↓Blina Minerals$0
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