Paladin Energy (ASX:PDN) shareholding in NGM Resources (ASX:NGM) has increased to 38.51%, equivalent to 69,491,568 shares as at September 8 2010, up from 33.57% or 60,568,904 shares on September 7 2010, the previous change of interest notice lodged with the ASX.
The one day change is Paladin now holds an extra 8.9 million, or 4.9% more of the total outstanding NGM ordinary shares than they did a day before.
If this rate of share acquisition continues, Paladin will hold more than 50% of NGM shares by early next week.
The directors of NGM Resources unanimously recommended that shareholders accept the Paladin offer, in the absence of a superior proposal.
Paladin finished the day up $0.01 to $3.82.
The offer closes at 5.00 pm (AWST) on 8 October 2010, unless extended or withdrawn.