03/12/2021 - 12:00

Ramelius closes in on $180m Apollo acquisition

03/12/2021 - 12:00

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Goldminer Ramelius Resources is set to complete a compulsory acquisition of Apollo Consolidated, having acquired more than 90 per cent of the target’s shares on issue.

Ramelius closes in on $180m Apollo acquisition
Apollo's main asset is its Lake Rebecca gold project, east of Kalgoorlie. Photo: Apollo Consolidated

Goldminer Ramelius Resources is set to complete a compulsory acquisition of Apollo Consolidated, having acquired more than 90 per cent of the target’s shares on issue.

East Perth-based Ramelius is paying 34 cents in cash and issuing 0.1778 of its shares for each share held in Apollo, with the recommended offer scheduled to close on December 17.

The deal values Apollo at roughly $180 million.

Ramelius this morning said it had acquired a 90.82 per cent interest in Apollo and would move to a compulsory acquisition of the West Perth-based explorer, whose main asset is the Lake Rebecca gold project, located about 145 kilometres east of Kalgoorlie.

Apollo shareholders who have not accepted the proposal before December 17 will not receive their consideration until after the compulsory acquisition process is completed, which could take more than a month from the closing date, Ramelius said.

Former rival bidder Gold Road Resources, which has a 19.9 per cent shareholding in Apollo, accepted the offer last month.

Shares in Ramelius were down 2 per cent at 2:38pm AEDT to trade at $1.47.

Apollo’s shares were up 3.5 per cent to trade at 60 cents.

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