08/05/2009 - 11:31

Minemakers gains control of Bonaparte

08/05/2009 - 11:31

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Phosphate hopeful Minemakers has gained control of takeover target Bonaparte Diamond Mines, which is still assessing another offer made by Union Resources.

Phosphate hopeful Minemakers has gained control of takeover target Bonaparte Diamond Mines, which is still assessing another offer made by Union Resources.

In a notice to the stock market today, Minemakers showed it had increased its interest in Bonaparte from 49.6 per cent to 50.5 per cent.

Minemakers is offering one of its shares for every 10 Bonaparte shares held. The offer is scheduled to close on May 28.

The company is currently progressing its Wonorah phosphate project in the Northern Territory.

Bonaparte has already recommended Minemakers' offer to its shareholders and is currently reviewing Union's bid, which is offering nine of its shares for each Bonaparte share.

Union is Bonaparte's joint venture partner in the Sandpiper-Meob phosphate project in Namibia.

Shares in Bonaparte were unchanged at six cents while shares in Minemakers climbed 2.5 cents to 58.5 cents at 13:09 AEST.

Shares in Union were unchanged at 0.7 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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