Royalco accepts Fitzroy bid
PERTH (miningweekly.com) – The board of takeover target Royalco Resources has urged shareholders to accept an increased offer from royalty investment firm Fitzroy River.
Fitzroy in October launched an on-market 18c-a-share takeover offer for Royalco, but has now increased the offer to 20c a share and waived the conditions.
Royalco MD and executive chairperson Peter Topham and his associates have sold some 2.6-million Royalco shares to Fitzroy, taking the company’s shareholding in Royalco to 19.99%.
The new Fitzroy offer valued Royalco at around A$10.54-million.
Royalco holds a portfolio of royalties, with interest in Victoria, New South Wales, South Australia, Queensland, New Zealand and the Philippines.
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