PERTH (miningweekly.com) – The takeover offer for ASX-listed Realm Resources has closed, with suitor T2 Resources holding a 96.3% interest.
T2 has now informed the remaining Realm shareholders that the company will initiate a compulsory acquisition of the remaining shares in Realm.
Under the takeover offer, which had been declared not fair but reasonable by an independent expect, T2 offered Realm shareholders A$1.35 a share for their Realm shares, consisting of A$1 in cash per share and A$0.35 per Realm share paid as compensation pursuant to an undertaking to the Takeovers Panel.
The compensation payment was agreed to after Realm made an appeal to the Takeovers Panel in relation to the offer, with the Panel in June making a declaration of unacceptable circumstances.
The Panel also extended the takeover period from closing on July 2, to closing on August 3.
Realm operates the Foxleigh coal mine, in Queensland, and also has an interest in the Katingan Ria thermal coal project, in Indonesia, as well as three platinum group metals exploration projects, and an aluminium dross treatment plant in South Africa.