Paladin Energy (ASX:PDN) shareholding in NGM Resources (ASX: NGM) has increased to 33.57%, equivalent to 60,568,904 shares as at September 7 2010, up from 22.48% or 40,573,574 shares on September 3 2010, the previous change of interest notice lodged with the ASX.
This highlights how quickly NGM shareholders are accepting the Paladin takeover offer, which offered consideration of 1 PDN share for every 23.9 NGM shares, or a premium of 60% to the volume weighted average price of NGM Shares for the 30 trading days up to 16 July 2010, (being the last trading day prior to NGM Shares being placed in a trading halt and the subsequent announcement of the offer).
The directors of NGM Resources unanimously recommended that shareholders accept the Paladin offer, in the absence of a superior proposal.
The offer closes at 5.00 pm (AWST) on 8 October 2010, unless extended or withdrawn.