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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