PERTH (miningweekly.com) – ASX-listed Mineral Resources (MinRes) has completed the acquisition of takeover target Norwest Energy.
MinRes earlier this year launched its takeover offer for Norwest, offering Norwest shareholders one fully paid MinRes share for every 1 367 Norwest shares held, implying a value of 6c a Norwest share.
The company later revised its offtake offer to one fully paid ordinary share in MinRes for every 1 300 Norwest shares held, implying an offer price of 7.41c a Norwest share and implying a value of A$497-million to the takeover target.
At the close of the takeover offer period on April 29, the company had acquired a relevant interest of 93.24%, triggering the compulsory acquisition process. This process has now been completed.
Norwest’s principal asset is a non-operating interest in onshore Perth Basin exploration permits EP 368, in which it holds a 20% interest, and EP 426, in which it holds a 22.22% interest. MinRes and its subsidiaries are the permit operators and owners of the remaining interest in EP 368 and EP 426.