West Australian gold explorer Focus Minerals Limited (ASX: FML) notes that Theta Gold Mines Limited’s (ASX: TGM) (TGM) unsolicited off-market takeover offer for certain shares in Focus closed yesterday and has not been extended.
The Board of Focus had unanimously recommended that Focus shareholders reject the TGM Offer. Despite the Offer being unconditional since 14 February 2022, TGM received acceptances only of approximately 1.1% of all Focus shares and its holding in Focus is now approximately 2.21%.
In the near term, Focus will continue the implementation of its plans to resume operations at its Coolgardie Gold Project, as announced on 3 December 2021.
As announced on 30 December 2021, the 103,810,080 Focus shares that were issued on 31 December 2021 pursuant to Focus’ recently completed non-renounceable entitlement offer have been trading in the separate quoted class ‘FMLNA’ on the basis that those New Shares were not subject to the TGM Offer. Now that the TGM Offer has expired, those New Shares will cease to be quoted in the ‘FMLNA’ class of shares at the close of trading today and be merged into the ‘FML’ quoted class of Focus shares from the commencement of trading tomorrow.