- Theta Gold Mines (TGM) has made an off-market takeover offer to acquire all the shares on issue in Focus Minerals (FML)
- TGM will offer 2 of its own shares for every 1 FML shares on issue, giving Focus an assumed value of 36 cents each
- Theta has labelled the offer as “attractive” and explains the price is a 41.2 per cent discount to FML’s last closing price of 25.5 cents
- The takeover bid comes as Shandong Gold has the opportunity to take a majority stake in Focus through a recently announced entitlement offer
- TGM shares are steady at 18 cents each, while Focus is trading up 1.96 per cent at 26 cents per share
Theta Gold Mines (TGM) has made an off-market takeover offer to acquire all the shares on issue in Focus Minerals (FML).
The gold business will offer 2 TGM shares for every 1 FML share on issue, giving Focus an assumed value of 36 cents per security.
Theta has labelled its offer “attractive” and added that the price was a 41.2 per cent discount to FML’s last closing price of 25.5 cents.
TGM’s takeover bid comes as Shandong Gold has the opportunity to take a 66.25 per cent majority stake in Focus through a recently announced entitlement offer.
Theta Gold Mines argues a combined FML-TGM business would be a leader amongst its ASX-listed gold mining peers.
Together, a combined company would have a JORC compliant Mineral Resource of more than 12.3 million ounces (Moz) of gold.
At this stage, Focus Minerals said it was considering Theta’s takeover offer and advised its...
Read Full Story: https://themarketherald.com.au/theta-gold-mines-asxtgm-offers-to-buy-focus-minerals-asxfml-2021-12-09/
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