Andromeda Metals Ltd (ASX:ADN) has proceeded to compulsory acquisition of the remaining Minotaur Exploration Ltd (ASX:MEP) shares it does not already hold.
At 9am (AEDT) on Friday, February 25, 2022, Andromeda held a relevant interest in 91.22% of Minotaur shares on issue.
As a result of having a relevant interest of greater than 90% of Minotaur shares, Andromeda has moved to compulsorily acquire any shares not accepted into its takeover offer.
Compulsory acquisition notices will be dispatched to all Minotaur shareholders who have not accepted Andromeda’s offer and in due course Minotaur will be suspended and removed from the official list of the ASX.
The offer price of 1.15 Andromeda shares per Minotaur share is final and Andromeda’s offer has not been extended further.
Accepting shareholders will be issued Andromeda shares on March 4, 2022, while those who did not accept the offer by 7pm (AEDT) on February 25 will have their shares compulsorily acquired and will receive consideration shares a number of weeks later than those who accepted Andromeda’s offer by the closing date.
That process is likely to take approximately 4 to 6 weeks to complete but may take longer in some circumstances.