23/04/2020 - 13:49

Ramelius hits 77.5 per cent of Spectrum in friendly takeover bid

23/04/2020 - 13:49

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Ramelius Resources’ friendly takeover bid for ASX-listed Spectrum Metals is gathering momentum with Ramelius’ relevant interest in Spectrum now hitting 77.48%. Ramelius has extended its offer to remaining shareholders until the 29th of May whilst at the same time declaring the offer to be fixed and final. Ramelius also said that Spectrum shareholders who choose not to sell may be disadvantaged by a lack of liquidity.

Ramelius Resources’ friendly takeover bid for ASX-listed Spectrum Metals is gathering momentum with Ramelius’ relevant interest in Spectrum now hitting 77.48%. Ramelius has extended its offer to remaining shareholders until the 29th of May whilst at the same time declaring the offer to be fixed and final. Ramelius also said that Spectrum shareholders who choose not to sell may be disadvantaged by a lack of liquidity when Ramelius holds the lion’s share of the company.

Ramelius said that Spectrum shareholders should be eligible to defer part of their capital gains tax in relation to the share sale if Ramelius manages to get over 80% of Spectrum under the Federal Government’s rules.

The cash and scrip offer by Ramelius was quickly endorsed by independents on the Spectrum board and implied a 50% premium to Spectrum’s closing share price at the time. Ramelius’ offer is one of its shares for every ten Spectrum shares held plus cash consideration of A$0.017 per Spectrum share is the best and final offer.

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

 

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