Royalco chair succumbs to Fitzroy charm
PERTH (miningweekly.com) – The chairperson of takeover target Royalco Resources, Peter Topham, has accepted a takeover offer from ASX-listed Fitzroy River, for the remaining shareholding held by him and his associates of more than 3.1-million shares, or some 5.95% in the company.
Fitzroy in October launched an on-market 18c-a-share takeover offer for Royalco, but in December increased the offer to 20c a share and waived the conditions.
The new Fitzroy offer valued Royalco at around A$10.54-million.
Fitzroy noted that the recent acceptances from Topham were in addition to the 2.6-million shares acquired from Topham and his associates in December of last year.
Fitzroy now has a 30.04% relevant interest in Royalco.
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