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RAMELIUS RESOURCES LIMITED — M&A Activity 2020
May 6, 2020
65718_rns_2020-05-06_e952e903-3806-428c-bb1a-627392acd157.pdf
M&A Activity
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(ASX: SPX) ASX ANNOUNCEMENT 7 May 2020
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Ramelius Advises it has Reached 90%
Spectrum Metals Limited (ASX:SPX) (“Spectrum” or the “Company”), refers to the off-market takeover offer (the “Offer”) made by Ramelius Resources Limited (Ramelius) to acquire all of the ordinary shares in Spectrum for one (1) Ramelius share for every ten (10) Spectrum shares held and cash consideration of A$0.017 per Spectrum share held.
Ramelius reaches 90%
Ramelius currently holds a relevant interest in 90.03% of the ordinary shares in Spectrum.
The Offer is scheduled to close at 5:00pm (WST) on Friday, 29 May 2020, unless extended. Spectrum shareholders who choose to accept the Offer will be issued their Offer Consideration within ten (10) business days of acceptance.
Ramelius has advised that, if required, it will use the compulsory acquisition powers under the Corporations Act and seek to acquire all remaining Spectrum shares. Spectrum shareholders who have not accepted the Offer before the closing date will not receive the Offer Consideration until after the compulsory acquisition process, which is likely to be longer than one month after Offer closure.
Given Ramelius will now move to compulsory acquisition, if you have not accepted the Offer you are encouraged to do so immediately and before 5:00pm (WST) 29 May 2020 to ensure the Offer Consideration is paid to you as quickly as possible.
Board Changes
The Company advises that Directors, Chairman - Mr Alexander Hewlett, and Managing Director - Mr Paul Adams, have resigned from the Spectrum Board of Directors as agreed pursuant to the Bid Implementation Agreement announced on 10 February 2020.
For further information:
Mark Pitts
Company Secretary Spectrum Metals Ltd Email: [email protected]
This announcement has been approved for release by Mr Mark Pitts, Company Secretary of Spectrum Metals Limited
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Registered Office: Suite 2/827 Beaufort Street Mt Lawley WA 6052 | T: 08 6369 1195 ABN: 94 115 770 226 | [email protected] | www.spectrummetals.com.au