Alto shareholders reject offer
PERTH (miningweekly.com) – Takeover target Alto Metals has revealed that its major shareholders, holding a combined 32.12% of the company, would not accept a takeover offer from fellow-listed Middle Island.
Middle Island at the start of March revealed a proposed all-scrip takeover offer for Alto, offering five of its own shares for every one Alto share held.
The offer is highly condition, and includes a 90% minimum acceptance condition.
Alto on Tuesday said that it has now received separate notices from Windsong Valley and Marymount, Sinotech and Enterprise Metals, all saying that they would not agree to the sale of their combined 68.6-million shares in the company.
Middle Island is expected to send its bidder’s statement out before the end of April, with Alto telling its shareholders not to take any actions until the company could make a recommendation on the offer.
Alto owns the Sandstone gold project, which is currently estimated to host some 261 000 oz of gold.
Middle Island also owns a Sandstone project, with an estimated indicated and inferred mineral resource of 537 000 oz, and an exploration target of between 900 000 oz and 1.5-million ounces.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation