15/01/2015 - 11:25

Doray takes Mutiny stake to 75%

15/01/2015 - 11:25

Bookmark

Save articles for future reference.

Gold miner Doray Minerals has declared its off-market takeover of Mutiny Gold unconditional, after increasing its stake to 75.3 per cent.

Doray takes Mutiny stake to 75%

Gold miner Doray Minerals has declared its off-market takeover of Mutiny Gold unconditional, after increasing its stake to 75.3 per cent.

As a result, Mutiny’s board has now unanimously recommended its shareholders accept Doray’s takeover offer, which was announced in October last year.

In a statement, Doray said any Mutiny shareholders and listed option holders who validly accepted the offers made to them before they were declared unconditional would be issued their consideration by January 22.

“Any Mutiny shareholders and listed option holders who are yet to validly accept the offers made to them will be issued with their Doray shares and listed options within five business days of their acceptance being processed,” the company said.

If Doray acquires a relevant interest in Mutiny of 90 per cent or more, it will proceed to compulsively acquire any outstanding shares to fully own the business.

Mutiny shareholders have been offered one new Doray share for every 9.5 Mutiny shares currently held.

The scrip takeover valued Mutiny at 5.4 cents per share, which was a generous 49 per cent premium to its 30-day average price when the offer was made, and gave the merged company a pro-forma market value of $120 million.

Doray shares were trading nearly 1 per cent higher to 59 cents per share at 11:20am. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options