Troy moves to acquire remaining Azimuth shares
JOHANNESBURG (miningweekly.com) – ASX- and TSX-listed Troy Resources said it would proceed with the compulsory acquisition of the remaining shares in Azimuth Resources, after its shareholding in the gold miner rose to 93.97% on Wednesday.
Troy announced its off-market share-trade takeover of Azimuth at the end of March, offering one Troy share for every 5.695 Azimuth shares held.
The compulsory acquisition, which would be on the same terms as the offer, was likely to take between four to six weeks.
Troy said in a statement that Azimuth shareholders that had not accepted the offer could still do so before July 12 to receive their Troy shares within five trading days after the offer closed.
If shareholders waited to have their Azimuth shares compulsorily acquired, they would have to wait at least four weeks to receive their Troy shares.
“Azimuth shareholders should also be aware that they will not be able to sell their Azimuth shares on the ASX after July 18, which is when trading in Azimuth shares on the ASX will be suspended,” the company said.
Azimuth would apply to be delisted from the TSX at close of trading on July 18.
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