PERTH (miningweekly.com) – ASX-listed Geopacific Resources has increased its shareholding in takeover target Kula Gold to 69.3%, after another major shareholder accepted its offer.
Geopacific on Thursday reported that RMB Australia and RMB Resources, which collectively held a 13.07% interest in Kula, had accepted the increased takeover offer.
RMB’s acceptance comes after Pacific Road Capital accepted Geopacific’s offer for its own 37.2% interest in Kula.
Geopacific is offering one of its own shares for every 1.1 Kula shares held, an increase on its previous offer from one Geopacific share for every 1.4723 Kula shares held.
The ASX-listed company warned on Thursday that the increased offer was the best and final offer, and would not be increased.
“All of Kula’s major shareholders have spoken with their votes. We have a controlling interest and momentum is clearly building in favour of Geopacific,” said company MD Ron Heeks.
“We urge Kula’s remaining shareholders to follow the lead of the major shareholders and accept the final increased offer.”