MinRes reaches 80% shareholding in Norwest
PERTH (miningweekly.com) – ASX-listed Mineral Resources (MinRes) has gained a shareholding of more than 80% in takeover target Norwest Energy.
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.
The Norwest directors unanimously recommended that shareholders accept the revised offer.
MinRes on Monday said that Norwest shareholders who have accepted the takeover offer could be eligible to choose a scrip-for-scrip capital gains tax rollover relief for the disposal of their shares in the takeover target, so that any capital gains tax payable on the disposal of these shares could be deferred.
The takeover offer is set to close on April 29.
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