Join our daily newsletter At The Bell to receive exclusive market insights
- Ramelius Resources (RMS) now has a relevant interest of over 90 per cent in Spectrum Metals (SPX) and has lodged a notice of compulsory acquisition
- Last month, Ramelius put in a final offer for the Spectrum takeover, offering Spectrum shareholders one Ramelius share for every 10 Spectrum shares and a cash consideration of 1.7 cents for every Spectrum share held
- With its current interest, Ramelius can proceed with the completion of the purchase
- Today, a copy of the notice of compulsory acquisition has been sent to the Australian Securities and Investment Commission
- Ramelius is down 2.91 per cent on the market today, trading for $1.67 each
- Meanwhile, SPX shares are 5.26 per cent in the red, trading for 18 cents per share.
Ramelius Resources (RMS) now has a relevant interest of over 90 per cent in Spectrum Metals (SPX) and has lodged a notice of compulsory acquisition.
Last month, Ramelius put in a final offer for the Spectrum takeover, offering Spectrum shareholders one Ramelius share for every 10 Spectrum shares and a cash consideration of 1.7 cents for every Spectrum share held.
The independent members of the Spectrum board unanimously recommended that the remaining shareholders accept Ramelius’ offer without delay.
Ramelius now has a relevant interest of 91.29 per cent in Spectrum shares, meaning the company can proceed with the completion of the purchase.
Today, a copy of the notice of compulsory acquisition has been sent to the Australian Securities and Investment Commission.
“A related correspondence will be dispatched to all Spectrum shareholders who have not accepted the offer as required under the Corporations Act,” the company told the market.
However, Spectrum shareholders that have not accepted the offer will now have the chance to get their share of Ramelius, as the deal ends next Friday, May 29, at 5:00 pm AWST.
“If you do not accept the offer before the scheduled closing time for the offer, on completion of the compulsory acquisition procedure, Ramelius will pay to Spectrum the consideration for your Spectrum shares. You will then be entitled to claim the consideration from Spectrum,” the company explained.
The ASX will now suspend quotation of Spectrum shares for five business days, after today.
Ramelius is down 2.91 per cent on the market this morning, trading for $1.67 each at 11:36 am AEST. Meanwhile, SPX shares are 5.26 per cent in the red, trading for 18 cents per share.
