Mako Gold Ltd (ASX:MKG) directors have all accepted the takeover offers made by Aurum Resources Ltd (ASX:AUE) and have unanimously recommended that all Mako shareholders and optionholders accept the offers.
Under the offer announced on October 11, 2024, Aurum is offering one share for every 25.1 Mako shares along with one Aurum share for every 170 Class A Options and one share for every 248 Class B Options.
Based on Aurum’s recent trading, the volume weighted average price (VWAP) of Aurum since the announcement date of the offers and last trading day prior to November 15, 2024, of $0.48 implies an offer price of $0.0191 per Mako share. This is a 124% premium to Mako’s 30-day VWAP immediately prior to the announcement date.
“Accept the offers”
In a statement today, Mako said that each of its directors had now accepted the share offer and option offer in respect of any Mako shares and Mako options that they own or control.
“Mako’s directors unanimously recommend that Mako securityholders also now accept the offers, in the absence of a superior offer.”
Directors confirm that no competing or superior proposals have emerged with the offers scheduled to close on Wednesday, December 4, 2024, unless extended.
As at November 15, 2024, Aurum had reported a relevant interest of 29.56%, excluding the shares held by Mako’s directors, who have now accepted into the offers. The latest change of interest notice states that Aurum's stake is 31.32%.