Mineral Resources Limited (ASX: MIN) refers to its off-market takeover bid to acquire all the issued fully paid ordinary shares in Norwest Energy NL (ASX: NWE) that it does not already own.
As noted in the company’s letter to Norwest shareholders dated 6 April 2023, MinRes had established an acceptance facility whereby Norwest shareholders could indicate their intention to accept MinRes’ Offer but without being obliged to do so unless MinRes acquired a combination of relevant interest (as a result of acceptances of the Offer) and indications under the acceptance facility of 80% or more of Norwest.
As detailed in the company’s Form 604, dated 17 April 2023 and lodged with the ASX today, MinRes has now acquired a relevant interest in 81.46% of Norwest shares.
Accordingly, MinRes confirms that it has delivered a letter to the facility agent confirming that the rollover condition has been satisfied and the acceptance facility has now closed. Any elections from Norwest shareholders to participate in the acceptance facility will be processed as acceptances under the offer.
As a result of MinRes’ relevant interest in Norwest exceeding 80%, Norwest shareholders who accept MinRes’ offer may be eligible to choose scrip-for-scrip Capital Gains Tax rollover relief in respect of the disposal of Norwest shares so that any CGT payable on the disposal of their Norwest shares is deferred.
MinRes’ offer remains open and is scheduled to close at 7pm (Sydney time) on 29 April 2023 (unless further extended or withdrawn). The offer consideration is best and final and will not be increased. Accordingly, Norwest shareholders who have not accepted the offer are urged to accept the offer without delay.