Precious Metal gets offer from NSW explorer
By: Esmarie Swanepoel
10th July 2012
PERTH (miningweekly.com) – The independent directors of ASX-listed junior Precious Metal Resources have endorsed a takeover offer from fellow-listed Sovereign Gold Company.
The two firms have entered into a binding takeover bid implementation agreement, which would see Sovereign Gold offer nine of its own shares for every ten Precious Metal shares held.
The offer represented a 27.27% premium to the closing price of Precious Metal shares on July 9, and a 23.92% premium to the 90-day volume-weighted average price of the company’s shares.
Precious Metal on Tuesday told its shareholders that by accepting the Sovereign Gold offer, shareholders would gain exposure to a more diversified company with greater resources to manage both companies’ projects, while security holders would gain the full benefit of Sovereign Gold’s portfolio of projects and a more diversified risk profile.
The offer was subject to a number of conditions, including an 80% minimum acceptance condition.
Sovereign Gold holds a number of exploration licences in New South Wales, while Precious Metal holds three exploration licences at Halls Peak, also in New South Wales.
http://www.miningweekly.com/article/precious-metal-to-buy-nsw-explorer-2012-07-10
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