WOODLARK Island gold project developer Geopacific Resources Limited has lodged what it has declared is its “Final Unconditional Takeover Offer” for JV partner Kula Gold Limited.
Geopacific has been undertaking an extended takeover of Kula, which has been stalled by a lack of acceptance from many of Kula’s shareholders, particularly its major shareholder the Pacific Road group (collectively including the holdings of Pacific Road Capital Management GP Limited, Pacific Road Holdings SARL, Pacific Road Capital A Limited, Pacific Road Capital B Limited).
Following the receipt of a letter from Pacific Road that they would only consider selling its shareholding if Geopacific increased its offer, the latter has agreed to do that, along with also agreeing to remove some previous sales conditions.,
Under the new Offer:
1.Kula shareholders will receive 1 Geopacific Share for every 1.1 Kula shares;
2.the Increased Offer will be free from all Conditions;
3.the Increased Offer will be best and final and will not be increased
4.Geopacific will issue a Second Supplementary Bidder’s Statement
detailing the Increased Offer on Thursday, 27 July 2017.
Pacific Road is Kula’s largest shareholder, holding 37.2% of Kula. Geopacific’s voting power in Kula prior to the new offer was 18.72%.
Acceptance by Pacific Road will increase Geopacific’s ownership of Kula to 55.92%.