Ramelius takes 90% stake in Spectrum
PERTH (miningweekly.com) – Gold miner Ramelius Resources has reached a 90% shareholding in takeover target Spectrum Metals, with the miner now moving to the compulsory acquisition of all the remaining shares in Spectrum.
Ramelius earlier this year launched its takeover offer for Spectrum Metals, offering that company’s shareholders one Ramelius share for every ten Spectrum shares held, in a bid to obtain the high-grade Penny West gold project, in Western Australia.
Both Spectrum and Ramelius have urged the remaining Spectrum shareholders to accept the takeover offer, before the offer closes on May 29, to ensure that the offer consideration is paid as quickly as possible.
Spectrum has meanwhile reported that chairperson Alexander Hewlett and MD Paul Adams have resigned from the company’s board of directors as agreed under the bid implementation agreement.
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