Minemakers says it will move to compulsorily acquire the remaining shares it does not own in Bonaparte Diamond Mines after reaching a 94.32 per cent shareholding through its all-scrip takeover offer.
The announcement is below:
Minemakers has now acquired 94.32% of the shares of ASX-listed Bonaparte Diamond Mines NL and will move to compulsorily acquire the remaining Bonaparte shares.
Minemakers will seek prompt removal of Bonaparte shares from official quotation on the ASX.
The increased offer of one Minemakers share for every nine Bonaparte shares will apply in respect of all acceptances of the Minemakers' takeover offer.
The takeover offer was announced on 5 March 2009 and immediate reasons were to:
- Allow the expanded Minemakers to potentially become a world class rock phosphate supplier.
- Allow administrative cost savings.
- Enable the technical and management teams to become involved in both Minemakers' Wonarah and Bonaparte's Namibian JV phosphate projects.
The primary justification for the takeover has been brought closer to fruition with the inferred resource estimates now exceeding 1.1Bt at Wonarah, and almost 800Mt at Namibia (42.5% Minemakers' equity in the JV upon completion of the compulsory acquisition).
