11/07/2013 - 11:37

Troy to mop up remaining Azimuth stock

11/07/2013 - 11:37

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Troy to mop up remaining Azimuth stock
Azimuth CEO Russell Clarke (L) with Troy Resources managing director Paul Benson.

Troy Resources has moved to acquire the remaining shares it does not already own in Azimuth Resources, after meeting the minimum acceptance provision of its $188 million takeover bid.

The gold miner said today it now held a 93.97 per cent stake in Azimuth, after it was forced to extend the offer by a fortnight late last month.

It will compulsorily acquire the remaining shares on the same terms as the takeover offer; one of its shares for every 5.695 Azimuth shares.

The merged gold miner will have a combined measured and indicated gold equivalent resources of 0.76 million ounces, gold equivalent inferred resources of 1.92Moz and gold equivalent reserves of 0.64Moz.

Troy Resources shares had jumped by 11.8 per cent, or 16.5 cents at 11:30AM, WST, trading at $1.56. Azimuth’s stock had gained 10 per cent, or 2.5 cents, at 27.5 cents. 

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