Prime movers - Ibaera Capital's James Wallbank and Jon Hronsky

Ibaera approaching critical percentage in Azumah takeover

Private equity firm, Ibaera Capital now holds a relevant interest in Azumah Resources of 88.85% following last year’s takeover bid that is now close to being wrapped up.

With all Azumah directors and major shareholders having now accepted Ibarea’s offer of 3.3 cents per share, Azhuma’s sole independent director has encouraged all remaining holders to accept the offer before the closing date of the 17thof January. The offer was initially made at a 136% premium to Azumah’s closing price at the time.

If Ibaera acquires 90% or more of Azumah’s shares, it will likely move to compulsorily attain any remaining shares under Australian corporations law. The timeframe for Ibaera to pay out the remaining shareholders under a compulsory acquisition scenario is not clear.

Importantly, Azumah said that Ibaera has tabled its intention 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.

If Azumah remains on the ASX, share liquidity will be significantly reduced due to the large stake held by one party. 


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Top 10 Shareholders

Substantial shareholders as published in the annual report.
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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

$54k Other
$54k Other
$109k Other
Total value as at the date of the transaction
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376th↓Azumah Resources$0
377th↓Bannerman Resources$0
378th↓Black Rock Mining$0
380th↑Blaze International$0
381st↓Blina Minerals$0
484 listed resources companies ranked by revenue.
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