West Australian gold explorer Focus Minerals Limited (ASX: FML) refers to the announcement by Theta Gold Mines Limited (ASX: TGM) (TGM) on 14 February 2022, which included a copy of TGM’s fourth supplementary bidder’s statement relating to its off-market takeover offer for certain Focus shares, referred to as Focus Offer Shares.
Pursuant to its Fourth Supplementary Bidder’s Statement:
- TGM has increased the consideration under its offer from 2 TGM shares for each Focus Offer Share you hold, to 5 TGM Shares for every 2 Focus Offer Shares you hold. Applying a consistent description to that originally used by TGM, the TGM offer now equates to 2.5 TGM Shares for each Focus Offer Share you hold;
- TGM has declared its offer consideration best and final in the absence of a competing proposal. This means that TGM will not increase its offer consideration further but TGM reserves the right to do so if a competing proposal for Focus is publicly announced; and
- TGM has extended the closing date of TGM’s offer to 7pm (Sydney time) on 2 March 2022.
Until Focus’ Board of Directors have issued their recommendation regarding the revised TGM offer and Focus shareholders are in receipt of Focus’ second supplementary target’s statement in response, the Focus Board of Directors recommends that Focus shareholders TAKE NO ACTION in relation to the revised TGM offer or any other documents shareholders may receive from TGM.
Focus will provide a further announcement in due course when it has evaluated and assessed the terms of the revised TGM offer.
