Vango Mining Ltd (ASX:VAN) shareholders can today accept the takeover bid over by Catalyst Metals Ltd (ASX:CYL) following the dispatch of the Bidder’s Statement.
Catalyst has made an all-scrip, conditional off-market takeover bid to acquire all of the ordinary shares of Vango.
The offer has an implied value of A$66 million for Vango, which has a 1-million-ounce resource at 3.3 g/t in WA’s Marymia-Plutonic gold belt.
This offer is subject to a 70% minimum acceptance condition, however just last week 73% of Vango shareholders had either agreed to accept or indicated an intention to accept the offer, in the absence of a superior proposal.
Under the terms of the offer, Vango shareholders who accepted the offer will be entitled to receive five ordinary shares in Catalyst for every 115 ordinary shares held in Vango.
Vango’s major shareholders Hunter Guo and Carol Zhang have informed Catalyst that they have accepted the offer for a total of approximately 252 million Vango shares (representing 19.99% of current Vango shares) in accordance with their Pre-Bid Acceptance Deeds.
Guo and Zhang cannot withdraw unless the offer conditions are not satisfied or waived.
The offer is scheduled to close at 5.00pm (Perth time) on February 20, 2023, unless extended or withdrawn.
The Bidder’s Statement was released today and Vango shareholders can contact Catalyst on +61 8 6107 5878 or at admin@catalystmetals.com.au if they have further questions.