JOHANNESBURG (miningweekly.com) – Shareholders representing 33.19% of ASX-listed Finders Resources have indicated that they do not intend to accept a takeover offer from Eastern Field Developments, the takeover target reported on Tuesday.
The company said that Taurus Funds Management, which represent 11.31% of Finders shares on issue, indicated last week that it would turn down the A$0.23 a share offer.
Additional shareholders who, in aggregate, own or control about 20.15% of Finders shares on issue have now also notified the miner that they will not accept the offer from the Indonesian consortium.
“This means that, including Taurus Funds Management and the independent directors, Gary Comb and Barry Cahill, Finders shareholders who in aggregate own, control or manage 256 349 711 Finders shares (equal to an aggregate 33.19% of the Finders shares on issue) have notified Finders that they do not intend to accept the offer…,” the company reported.
At the close of business on November 17, Eastern Field had a relevant interest of 19.8% of Finders shares. The suitor has to notify Finders of any change to its relevant interest in the company and by the close of business on Friday, Eastern Field had not yet done so.