Paladin Energy (ASX:PDN) shareholding in NGM Resources (ASX: NGM) has increased to 40.31%, equivalent to 72,741,838 shares as at September 9 2010, up from 38.51% or 69,491,568 shares on September 8 2010, the previous change of interest notice lodged with the ASX.
The one day change is Paladin now holds an extra 3.3 million, or 1.8% 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 mid-next week.
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The offer closes at 5.00 pm (AWST) on 8 October 2010, unless extended or withdrawn.