Legend gains controlling North Aus stake

US headquartered Legend International Holdings has acquired a controlling stake in North Australian Diamonds after its on-market takeover offer closed yesterday.

Legend, which had held a 34 per cent interest in North Australian, launched the bid in May this year, offering to pay 1.2 cents for each share.

In June, Legend lifted its offer to 1.5 cents.

North Australian had told its shareholders to take no action on the offer.

At the end of the takeover period, Legend had acquired a 55 per cent shareholding.

In a statement today, Legend said it will not proceed to compulsory acquisition.

Legend primarily holds phosphate projects in Queensland while North Australian's flagship asset is the Merlin diamond project in the Northern Territory.

Shares in North Australian closed down 0.2 cents to 1.3c today.