PERTH (miningweekly.com) – ASX-listed Mineral Resources has acquired more than a 90% interest in takeover target Norwest Energy, triggering the compulsory acquisition of the remaining shares in the ASX-listed target.
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 per 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 per Norwest share and implying a value of A$497-million to the takeover target.
Under the compulsory acquisition process, MinRes will acquire any Norwest shares remaining on the same terms as the takeover offer, being one fully paid ordinary MinRes share for every 1300 Norwest shares.
Under ASX listing rules, the bourse will suspend quotation of Norwest shares within five business days, and once suspended, the ASX will remove Norwest from the official list on a date to be determined.
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.