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  • Ramelius Resources (RMS) has given its final offer to purchase Spectrum Metals
  • It has offered one Ramelius share for every 10 Spectrum shares and a cash consideration of 1.7¢ per spectrum share held
  • Ramelius now owns 77.48 per cent of Spectrum shares
  • Shareholders of Spectrum will be eligible for a rollover tax relief if Ramelius’ interest increases to 80 per cent
  • The Independent members of the Spectrum Board have unanimously recommended that remaining shareholders accept Ramelius’ offer without delay
  • Ramelius is up 3.56 per cent on the market today, selling shares for $1.24 each

Ramelius Resources (RMS) has updated the market on its Spectrum Metals takeover.

In February, Ramelius put in an offer to purchase Spectrum. Under the offer, Spectrum shareholders will receive one Ramelius share for every 10 Spectrum shares. The deal values Spectrum shares at 15¢ each.

In March, Ramelius reached a relevant interest of 50.5 per cent and the offer became unconditional.

Now, the company owns 77.48 per cent of Spectrums shares. Shareholders of Spectrum will be eligible for a rollover tax relief if Ramelius’ interest increases to 80 per cent.

Final Offer

Ramelius has now given the best and final offer to shareholders. It has offered one Ramelius share for every 10 Spectrum shares and a cash consideration of 1.7¢ per spectrum share held.

The company said this offer will not increase. It has also extended its offer closing date to May 29 2020.

“The Independent members of the Spectrum Board have unanimously recommended that remaining shareholders accept Ramelius’ offer without delay, in the absence of a superior proposal,” Ramelius told the market.

Ramelius is up 3.56 per cent on the market today, selling shares for $1.24 each at 1:21pm AEST.

RMS by the numbers
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