Genesis Minerals Limited has announced the acquisition of a relevant interest in a majority of the voting shares in Dacian Gold Limited.
In a statement, Genesis Minerals said Dacian had been taken over as a result of its unconditional off-market acquisition bid.
Genesis Minerals added there is little chance that a better proposal would surface due to Dacian’s change in control.
According to Genesis Minerals, there is no reason to wait; thus, shareholders in Dacian who wish to accept the Offer are urged to do so right away. Accepting the Offer entitles Dacian shareholders to 0.0843 Genesis Minerals shares for every Dacian share held, giving Dacian shareholders to own shares in a financially stronger firm with great growth potential in the Tier 1 LeonoraLaverton gold area, Genesis Minerals added.
On September 28, the Dacian Board will undergo a number of changes, including the resignation of all directors except Sue-Ann Higgins; the appointment of Craig McGown as the company’s independent non-executive chair; and the appointment of Genesis Minerals’ nominees Tony Kiernan, Morgan Ball, and Lee Stephens as non-executive directors.
Unless Genesis Minerals is authorised to continue with a compulsory acquisition, Genesis Minerals said Dacian shareholders who do not accept the Offer prior to the closure would not receive the scrip consideration under the Offer.
According to Genesis Minerals, shareholders of Dacian should be informed that the number of Dacian shares that are available for trading will fall if Genesis is not permitted to proceed with the compulsory purchase and Dacian remains listed on the Australian Securities Exchange (ASX) after the Offer may significantly harm the companies’ valuation and liquidity.
Furthermore, Genesis Minerals added Dacian might petition to de-list from the ASX depending on the volume of acceptances received and other factors, in which case it could be more challenging for shareholders to sell their Dacian shares.
