JOHANNESBURG (miningweekly.com) – Midtier platinum-miner Aquarius Platinum has received an irrevocable undertaking by another shareholder of its takeover target Ridge Mining to vote in favour of the proposed acquisition.
In February, Aquarius had announced its intention to acquire Ridge Mining, making a proposed all-share offer at an exchange ratio of one Aquarius share for every 2,75 Ridge Mining shares.
The Gold Mountains International Mining Company, which is a subsidiary of the Zijin Mining Group and which held 18,4-million shares in Ridge, would vote in favour of the acquisition, Aquarius reported in a statement to shareholders on Tuesday.
The midtier miner has now received irrevocable undertakings in respect of about 30-million Ridge shares, or 32,7% of its shareholding, to vote in favour of the proposed transaction.
This included undertakings received from Blackrock Investment Management and the directors of Ridge Mining, stated Aquarius.