The takeover offer for Nedlands-based uranium group Redport Ltd by Canada's Mega Uranium Ltd has been extended to October 31, after the Canadian company acquired a 64 per cent shareholding.
The full text of a Redport announcement is pasted below
Redport Limited directors advise that Mega Uranium Limited's wholly owned subsidiary, Mega Redport Pty Ltd, today notified it would extend its share offer, after gaining acceptances of 64 per cent of Redport, on a fully diluted basis.
The offer, which was due to close today at 5pm, is being extended to close at 5pm AEST on Tuesday, October 31.
Redport directors continue to recommend that Redport share and option holders accept the offer.
As the offer is now unconditional, Mega will have no less than 64 per cent of Redport at the conclusion of the offer and accepting share and option holders will be allotted shares in Mega on the basis of 20 Mega shares for each 574 Redport shares and 20 Mega shares for each 894 listed Redport options. (Holders of unlisted options are allotted Mega shares on different ratios, listed in the offer document).
Redport directors unanimously recommended acceptance of the offer from the Canadian uranium group because of its substantial premium to Redport's pre-bid share price. It also gives shareholders a stake in a combined group that would rank in the top 10 uranium companies in the world by market capitalisation with a diverse international portfolio of uranium projects.
