Having acquired a relevant interest in more than 90% of the shares of Norwest Energy (ASX: NWE), Mineral Resources (ASX: MIN) has today exercised its right to compulsorily acquire the remaining Norwest shares.
As at May 1, MinRes’ interest in Norwest shares stood at 93.24%.
Under the compulsory acquisition process, MinRes will acquire any Norwest shares remaining on the same terms as the takeover offer – of one fully paid ordinary MinRes share for every 1300 Norwest shares.
Under ASX Listing Rule 17.4, ASX will suspend quotation of Norwest shares five business days from today. Once suspended, ASX will remove Norwest from the official list on a date to be determined.
Norwest is MinRes’ minority partner in the Lockyer gas discovery in the onshore Perth Basin.
MinRes launched its offer for Norwest on December 16.