re: kingsgate next corporate move
Kingsgate misses out on Andean
Michael Vaughan Wednesday, July 12, 2006
KINGSGATE Consolidated has missed out on the 25% acceptances it needed to have its takeover offer for Andean Resources extended, so the five-month takeover battle has ended with Kingsgate emerging as Andean's major shareholder, owning 22.31% of the company.
MiningNews.net was unable to contact both Andean and Kingsgate's respective chairmen this morning, though Kingsgate in a statement said the 22% stake was another step in its ambitions to develop a major, mid-tier gold company.
Kingsgate will pay one share for every 15 Andean shares acquired.
SCD: perhaps, some shareholders in Andean are, or will become, shareholders in Goldstar as they await Kingsgate's next corporate move!
GDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
