West Australian gold explorer Focus Minerals Limited (ASX: FML) (Focus or the Company) refers to its announcement on 5 January 2022 relating to:
- the off-market takeover offer by Theta Gold Mines Limited (ASX: TGM) (TGM) for certain of the issued shares in the Company1 (TGM Offer); and
- the intention of Shandong Gold International Mining Corporation Limited (Shandong Gold) to REJECT the TGM Offer in its current form.
In that announcement, it was noted that as a matter of prudence and for completeness, the Focus Board of Directors had requested that Shandong Gold provide a written update of its intentions in relation to the TGM Offer following the release of TGM’s replacement bidder’s statement on 4 January 2022.
Shandong Gold has provided a further letter with a written update of its intentions regarding the TGM Offer. A copy of that letter accompanies this announcement. Notwithstanding the release of TGM’s replacement bidder’s statement, Shandong Gold has reaffirmed its previously stated intention that it intends to REJECT the TGM Offer in its current form.
As a consequence, based on the current form of the TGM Offer Shandong Gold will remain the largest shareholder of Focus, with an interest in 63.18% of Focus shares and TGM will not be able to acquire control of Focus.