16/04/2008 - 15:50

Territory increases Olympia shareholding

16/04/2008 - 15:50

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West Perth-based iron ore company, Territory Resources Ltd, has lifted its stake in mineral sands producer Olympia Resources today with an increase in its share holding up from 47.29 per cent to 50.03 per cent.

Territory increases Olympia shareholding

West Perth-based iron ore company, Territory Resources Ltd, has lifted its stake in mineral sands producer Olympia Resources today with an increase in its share holding up from 47.29 per cent to 50.03 per cent.

The increase follows Olympia's rejection of Territory's $15.5 million take over bid last month.

Territory's offer of 10 cents per Olympia share, based on its share price of 6.8 cents, which was rejected by Olympia based on a valuation by independent expert BDO who assessed the preferred value of shares were in the range from 21 cents to 25c.

Olympia shares have remained steady at 10 cents today.

 

 

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