Theta senior management team on site at Adit#3- Reitfontein Mine. Source: Theta Gold
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  • Theta Gold Mines’ (TGM) unsolicited takeover for certain shares in fellow ASX-lister Focus Minerals (FML) has expired and won’t be extended
  • The gold developer proposed to takeover all of Focus’ shares in December, claiming it was an “attractive” offer and the combined business would be a leader amongst its peers
  • Focus’ board recommended its shareholders reject the TGM offer even after Theta improved its offer and extended the offer period
  • Despite the offer being unconditional since mid-February, TGM received acceptances of 1.1 per cent of all Focus shares and its holding in Focus is now about 2.21 per cent
  • TGM shares have ended the day 10.7 per cent in the red to close at 12.5 cents. FML shares rounded the day off with no change and shares closing at 27 cents

Theta Gold Mines’ (TGM) unsolicited takeover for certain shares in fellow ASX-lister Focus Minerals (FML) has reportedly expired.

Focus reported today that the off-market takeover offer closed on Wednesday, March 2 2022 and has not been extended.

Theta Gold Mines first announced the takeover offer to buy all of Focus’ shares in early December 2021. The gold development company proposed to offer two of its shares for every one FML share on issue, giving Focus an assumed value of 36 cents per security at the time.

TGM’s offer, which it described as “attractive”, followed Chinese gold miner, Shandong Gold, gaining the opportunity to take a 66.25 per cent stake in Focus through an entitlement offer.

Theta claimed a combined Focus Minerals/Theta Gold Mines business would be a leader amongst its ASX-listed peers in the gold sector.

After Shandong Gold announced its intention to reject the TGM offer as it stood, Theta Gold Mines improved its offer (implying an increased value for each Focus share compared to the initial offer) and extended the offer period to March 2.

Even still, the Focus Minerals Board unanimously recommended that shareholders reject the TGM Offer.

Despite the offer being unconditional since mid-last month, TGM received acceptances
of about 1.1 per cent of all Focus shares and its holding in Focus is now approximately 2.21 per cent.

As announced on December 30, 2021, 103.8 million Focus shares that were issued on the following day pursuant to the non-renounceable entitlement offer have been trading in the separate quoted class ‘FMLNA’ on the basis that those new shares weren’t part of the TGM Offer.

Now the TGM Offer has expired, those new shares will cease to be quoted in the ‘FMLNA’ class of shares at the close of trading on Thursday, March 3, and will merge into the ‘FML’ quoted class of shares when trading commences on Friday, March 4.

TGM shares ended the day 10.7 per cent in the red to close at 12.5 cents. FML shares rounded the day off with no change and shares closing at 27 cents.

TGM by the numbers
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