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Genesis Resources Ltd announces takeover bid implementation deed with Blumont Group Ltd


Thursday, 23 Jan 2014 07:07pm EST 

Genesis Resources Ltd:Says that it has executed a takeover bid implementation deed with Blumont Group Ltd, under which Blumont will make an off-market takeover bid for all the shares in Genesis.Says the scrip offer implies a price of A$0.169 per Genesis share (based on Blumont’s value weighted average price (VWAP) of S$0.0719 and a A$:S$ exchange rate of 1.1276 yesterday) and a total market value for Genesis of A$32.5 mln.Says Blumont will make its off-market offer as soon as possible and in any event within two months.Says Blumont will offer 5.3 Blumont shares for every two Genesis shares currently on issue and Genesis shares that are issued under the placement announced on Jan. 23, and that are issued upon exercise of an option during the bid period.Says the offer conditions will include a 50.1 pct. minimum acceptance condition and approval by Blumont shareholders of the takeover and the issue of Blumont shares as consideration. 

Company Quote

0.06
0.01 +20.00%
31 Jul 2014