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Bligh Resources' Bundarra gold project near Leonora.

Zeta makes $8m play for Bligh

Investment group Zeta Resources has announced plans to make an all-cash takeover offer for gold-focused Bligh Resources, competing with Saracen Mineral Holdings which had agreed to buy the target’s core asset in February.

Zeta said it would acquire all the shares it didn’t already own in Bligh for 3.5 cents each, a premium of 9.4 per cent to Bligh’s last closing price and implying an equity value of $8.1 million for the target.

Zeta holds a 19.9 per cent stake in Bligh.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/10/17

1 year TSR5 year TSR
thWestgold Resources0%0%
245thSaracen Mineral Holdings30%24%
297thGold Road Resources22%35%
457thIndependence Group-5%1%
703rdPerseus Mining-47%-34%
726 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

25/08/17
$4.6m Sold
02/08/17
$0 Bought
02/08/17
$0 Other
Total value as at the date of the transaction
Source: Morningstar

Revenue

12th-Westgold Resources$438.5m
13th↓Independence Group$424.1m
14th↑Saracen Mineral Holdings$423.2m
15th↑Gold Road Resources$326.6m
16th↓Perseus Mining$289.3m
491 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Saracen Mineral Holdings

9thRaleigh Finlayson$3.222m
318thDaniel Howe$428k
346thTroy Irvin$404k
Ranked by total remuneration from all listed WA companies

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