ASX-listed Tietto Minerals has reported that the off-market takeover offer made by Zhaojin Capital for all of the issued shares in Tietto that Zhaojin does not already own, closed at 19:00, Sydney time, on May 14.
As at Tuesday, May 14, Zhaojin had voting power of 90.72% in Tietto.
Zhaojin has advised Tietto that, as it has met the required thresholds, it will proceed with the compulsory acquisition of the remaining Tietto shares. The compulsory acquisition of shares will be on the same terms as the offer, that is, $0.68 per Tietto share.
On May 24, Zhaojin lodged a notice with the ASX regarding the compulsory acquisition process. The ASX will suspend quotation of Tietto shares five business days following receipt of the compulsory acquisition notice, being May 31.
“Tietto understands that Zhaojin will send a compulsory acquisition notice to each Tietto shareholder who did not accept the offer, on or around Monday, May 27. The compulsory acquisition process, which is subject to the Corporations Act, is likely to take approximately five weeks, but may take longer in some circumstances.
“Tietto shareholders do not need to do anything,” Tietto points out.
Tietto, which is Australian listed and headquartered, produces gold from its Abujar project in Côte d'Ivoire.