NORTON ANNOUNCES TAKEOVER BID

Written on the 22 April 2014

NORTON ANNOUNCES TAKEOVER BID NORTON Gold Fields Limited (ASX:NGF) has announced plans to take over Perth-based Bullabulling Gold Limited, with a cash offer of seven cents per share.

The gold producer launched the off-market offer on April 17, providing Bullabulling shareholders with a premium of 30 per cent on the closing price of $0.054 per unit.

CEO Dianmin Chen says the offer is generous, representing a 77 per cent premium to bonus shares issued to executives in 2013.

“Norton’s cash offer of seven cents per Bullabulling share represents a substantial premium to the prices at which Bullabulling shares have generally traded in the market over the past year and with the offer being subject to only minimal conditions, we believe it should be seen as highly attractive to Bullabulling shareholders.

“We believe this is evidenced by the fact that shareholders representing 6.6 per cent of Bullabulling shares have already indicated their intention to accept the offer,” he says.

Chen says the proposed takeover will improve the growing company’s funding challenges.

“By accepting the offer, Bullabulling shareholders will remove their exposure to these major financing risks and the likely continued dilution in the value of their shareholdings.”

NGF estimates that more than $300 million in capital is required to bring the Bullabulling Gold Project into production.

The offer closes on June 2, subject to approval by the Foreign Investment Review Board and no adverse material changes or new commitments in Bullabulling.

Latest News

VITA GROUP POSTS STEADY RESULTS DESPITE ROUGH YEAR

IT'S no secret Vita Group (ASX: VTG) has had a testing year, however the company has still managed to deliver ...

KOGAN BREAKS FORECASTS IN ITS FIRST YEAR OF PUBLICLY LISTED TRADE

RAISING the bar high in its first year as a publicly listed company, Kogan.com (ASX: KGN) has smashed its forecast...

CAMPLIFY MOTORS INTO THE UK MARKET

CARAVAN hire and RV sharing community Camplify has made its move in the European market, establishing its first op...

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter