https://www.miningweekly.com

Kula shareholder backs Geopacific deal

27th July 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Kula Gold’s major shareholder Pacific Road Capital has accepted a takeover offer from fellow-listed Geopacific Resources for its shareholding in Kula.

Geopacific is offering one of its own shares for every 1.1 Kula shares held, an increase on its previous offer from one Geopacific share for every 1.4723 Kula shares held.

Pacific Road holds a 37.2% interest in Kula.

“Pacific Road’s acceptance of the takeover delivers Geopacific a controlling interest in Kula. We urge Kula’s remaining shareholders to follow Pacific Road’s lead and accept the increased offer,” Geopacific MD Ron Heeks said on Thursday.

Kula has urged its remaining shareholders not to take any action on the increased offer, until the company’s directors compile a formal response.

Edited by Creamer Media Reporter

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