Mako recommends shareholders accept Aurum's final takeover offer
The independent board of directors of ASX-listed exploration company Mako Gold has unanimously recommended that shareholders accept fellow-listed Aurum Resources' off-market takeover offer without delay.
While the initial announcement of the offer was made in October, Aurum has now declared the offer consideration to be best and final, and will not increase the offer consideration.
Aurum now holds 86.83% of Mako shares and is effectively in control of Mako. Aurum has appointed a majority of the board of directors of Mako.
With Aurum holding over 86% of Mako shares, it is highly unlikely that a superior proposal for Mako will be received, its directors said.
“There is no guarantee that the offer will be further extended and, if Mako shareholders do not accept the offer on or before 7:00 PM (GMT+11) on January 31, 2025, they risk being minority shareholders in Mako with limited liquidity,” the board said.
“We wholeheartedly recommend that the remaining Mako shareholders accept the offer without delay,” said Mako independent directors Peter Ledwidge and Michele Muscillo.
“If the remaining Mako shareholders do not accept the offer and Aurum does not reach compulsory acquisition thresholds (which includes a 90% relevant interest in Mako) they will remain a minority shareholder in Mako with reduced influence in the running of the business,” they said.
The merged company will have two key gold projects in Côte d'Ivoire, with about A$20-million in cash to deploy into rapid work programmes across its assets. The enlarged Aurum will hold 868 000 oz at 1.20 g/t gold maiden resource at the Napie project, while a maiden mineral resource estimate for the Boundiali gold project.
The Napie project is located along the same belt as the 3.4-million-ounce Abujar mine, discovered by Tietto Minerals.
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