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Tietto urges shareholders to accept Zhaojin bid or sell their shares

8th May 2024

By: Darren Parker

Creamer Media Contributing Editor Online

     

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Hong Kong-based Zhaojin Capital has obtained enough acceptances for its off-market takeover bid to control the composition of ASX-listed Tietto Minerals’ board.

As of May 6, Zhaojin held about 74.85% of Tietto's voting power.

The offer price of $0.68 a Tietto share has been declared final, with no possibility of further increase. Additionally, all conditions that could hinder the offer have been removed, making it unconditional.

With Zhaojin's voting power exceeding 50%, the offer period has automatically extended by 14 days. Consequently, the offer will now close on May 14 at 19:00 (Sydney time).

It is not certain if there will be another extension of the offer period. If not extended further, acceptances received after May 14 will not be valid.

Tietto shareholders have been advised to either accept the offer or sell their shares on the ASX promptly to secure the offer price and avoid the risks associated with being minority shareholders.

All Tietto directors who owned shares at the time of Tietto's response to the offer have either accepted the offer or sold their shares on the ASX.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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