Firefly's bid for Gascoyne gets court backing
PERTH (miningweekly.com) – Suitor Firefly Resources has gone into a trading halt on the ASX as its scheme of arrangement with gold miner Gascoyne Resources went into effect, after the Supreme Court of Western Australia gave its backing to the transaction.
Gascoyne last week reached out to Firefly with enquiries into the possible termination of the scheme implementation deed (SID), after receiving a bid from fellow-listed Westgold Resource, and given that the SID did not contain a termination right for Gascoyne in the event that it received a competing bid.
Firefly was disinclined to acquiesce.
Westgold’s takeover offer for Gascoyne officially opened on October 29, under which Westgold is offering one of its own shares for every four Gascoyne shares held. In the event that the company obtains a shareholding of at least 50.1% in Gascoyne, this offer would increase to three Westgold shares for every 11 Gascoyne shares held.
However, the Westgold offer was subject to a merger agreement between Gascoyne and Firefly Resources, which was announced in June this year and would see Firely shareholders receive 0.34 Gascoyne shares for each Firefly share held, not proceeding.
Gascoyne told shareholders on Tuesday that given that the Court had approved the scheme, the scheme termination condition within the Westgold offer could not be satisfied, leaving Gascoyne to again urge shareholders not to take action around the Westgold offer.
Gascoyne reiterated its continued belief in the strategic merits of combining Firefly’s Yalgoo assets with its own Dalgaranga operations, including the highly prospective nature of Firefly’s tenement package, and has noted that with the Court approval, the company is now contractually bound to implement the SID.
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