PERTH (miningweekly.com) – The shares of takeover target PanAust have officially been suspended from the ASX, following a successful takeover from suitor Guangdong Rising Asset Management (Gram).
At the start of June, Gram launched a compulsory acquisition of the remaining shares in PanAust, after the company obtained more than a 90% interest in the Laos-focused copper and gold producer.
Gram’s bid for PanAust gained traction after the Chinese firm upped its offer from A$1.71 a share, to A$1.85 a share in cash in May.
PanAust is the owner of the Phu Kham copper/gold and the Ban Houayxai gold/silver operations, both in Laos. The company also holds an 80% interest in the Frieda River copper/gold project, in Papua New Guinea, with the remaining 20% interest held by ASX-listed Highlands Pacific.