Just went through the finer details of the announcement on 1 March 2019 re the takeover. Based on the pre-bid prices, here are the facts. Note, I own shares in both companies.
Alto Metals (AME)
Middle Island (MDI)
Market Cap before bid
$5.8M
$9.4M
Offer details
Scrip for scrip
5 MDI shares:1 AME share
n/a
Offer value
4.5c ($9.4M)
Premium to last & 5 day VWAP
61%
Cash position
$329k (from recent raise)
$1.9M (at Jan 31)
Board stability since early 2016 (last 3 years)
Dermot Ryan (resigned Feb18)
Anna Mao (resigned Oct16)
Bill Robertson (resigned Dec16)
Stephen Stone (Jun16-Jul18)
Jingbin Wang (appointed Oct16)
Terry Wheeler (appointed Dec16)
Terry Streeter (Mar18-Nov18)
Patrick Holywell (Feb18-Feb18)
Matthew Bowles (appointed Feb18)
Same board
Gold Resource
261koz
537koz
Gold Exploration Target
?
900koz -1.5Moz
Takeover offer analysis
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