PERTH (miningweekly.com) – The Foreign Investment Review Board has approved Hong Kong-based Ansteel’s takeover of ASX-listed Gindalbie Metals.
Gindalbie in March announced a 2.6c a share takeover offer from Ansteel, which currently holds a 35.71% interest in Gindalbie and is a 52.16% shareholder in the Karara project.
The offer represented a 90% premium to Gindalbie’s 30-day volume weighted average share price.
The transactions remain subject to a number of conditions, including the approval of Gindalbie shareholders, the receipt of certain Chinese regulatory approvals and the approval of the Court, and an independent expert’s report concluding that the acquisition is in the best interests of Gindalbie shareholders.
The takeover offer was announced simultaneously with Gindalbie’s plans to demerge its subsidiary Coda Minerals, which holds the rights to a significant and strategic portfolio of tenements in South Australia.
Under the demerger, Gindalbie shareholders will receive a pro-rata distribution of Coda shares for every Gindalbie share held.
Following the demerger, Coda will hold the Mt Gunson assets and A$10.64-million in cash.