Hong Kong’s Stone Mining has taken its case to the Takeovers Panel in an attempt to block a planned takeover of Crescent Gold by Focus Minerals.
Stone, a substantial shareholder of Crescent, submitted to the panel that shareholders accepting Focus Minerals off-market takeover bid launched in June were associates of the company, and their votes should be disregarded.
At the time of Crescent’s extraordinary general meeting on August 18, Focus had received acceptances from 65.95 per cent of Crescent’s shareholders.
Stone is seeking interim orders to block Focus converting convertible notes into Crescent shares, transferring or disposing of any shares or voting rights for notes where the conversion has already occurred, and has requested the panel force Crescent and Focus to provide details of votes in favour of the takeover.
At close of trade today Crescent’s stock was up 1.5 per cent, to 6.7 cents, while Focus shares lost 1.5 per cent, to trade at 6.5 cents.
