After snapping up over 90% of Azumah Resources shares, private equity firm, Ibaera Capital, will mop up the remaining 10% under the compulsory acquisition provisions in the Corporations Act. Ibaera got to just over 90% last week and told shareholders they would still receive their money for their remaining shares after the compulsory acquisition provisions kick in.
It seems that the message has hit home too with Ibaera making it to over 93% by Monday.
Once the compulsory acquisition is complete, the ASX will suspend and then delist Azumah. Azumah’s sole independent director encouraged remaining holders to accept Ibaera’s official offer of $0.033 cents per share before the official closing date of the 7th February.
According to Ibaera, if shareholders did not accept the offer, they will now have to wait for an unknown timeframe in order to receive due financial compensation for their shares under the compulsory acquisition provisions.
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By Matt Birney
