ACG Metals Ltd (LSE:ACG, OTC:ACGAF) has closed its share tender offer, which allowed investors to sell back up to 70% of their warrants. Enough investors took part for ACG to meet its minimum threshold.
Because of this, ACG is now using its ‘drag right’, which means it will compulsorily buy back 70% of all Warrants. This process ensures the buyback goes ahead on the same terms for everyone. Warrant holders will receive official confirmation of this today.
Once the buyback is complete, ACG will issue up to 2.69 million new shares to replace the acquired Warrants.