Alto forced to look for funds elsewhere
PERTH (miningweekly.com) – Junior Alto Metals on Wednesday said that it would consider alternate funding arrangements after the Takeovers Panel prohibited the company from continuing with its A$5.1-million capital raise.
Alto’s suitor Habrok made an application to the Takeovers Panel in July, in an effort to prevent the takeover target from raising cash amid its 6.6c-a-share takeover bid.
The Takeovers Panel has now made a declaration of unacceptable circumstances, and has ordered Alto to terminate its entitlement offer, and has prevented the company from any new capital raising for a two-week period, following the dispatch of a supplementary target statement.
With the Takeover Panel’s declaration finding in favour of Habrok, an offer price increase condition has been triggered, with the Habrok offer now increasing from 6.6c to 7c for each Alto share held.
Alto on Wednesday told shareholders that it "strongly disagreed" with the application made by Habrok, as well as the conclusion of the Takeovers Panel, and considered that the continuation of exploration activities and the provision of funding by the entitlement offer was in the best interest of all shareholders.
The company said that it was "frustrated" by the repeated and unsuccessful takeover attempts it had been subjected to, ad added that Habrok’s increased offer of 7c a share was unlikely to find traction with shareholders given that the company’s shares were trading above this price since the offer opened on July 22.
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