GEOPACIFIC Resources is closing in on its acquisition of Woodlark Island gold project partner Kula Gold after its target’s major shareholder agreed to Geopacific’s takeover terms
The bid for Kula had stalled until in late July Geopacific responded to communications from Kula’s major shareholders for an upgrade of the offer bid.
Under the new offer, Kula shareholders will recieive one Geopacific Share for every 1.1 Kula shares. At the same time Geopacific announced that would be it final offer.
The upgrade looks to have turned the tide with RMB Australia Holdings Limited and RMB Resources Limited (RMB), collectively holding 13.07% of Kula and Kula’s third largest shareholder, now accepting the increased offer.
This has taken Geopacific’s voting rights in Kula to 69.3%.
Geopacific’s managing director, Ron Heeks, said all of Kula’s major shareholders have now spoken with their votes.
“We have a controlling interest and momentum is clearly building in favour of Geopacific.
“We urge Kula’s remaining shareholders to follow the lead of the majoir shareholders and accept the finakl, increased offer, Mr Heeks said.