Monday, 25 July 2011

Auzex Resources: GGG Resources extends off-market takeover offer to September

Auzex Resources (ASX: AZX) has received notice from GGG Resources plc (ASX: GGB; AIM: GGG) that the company has extended the off-market takeover period again - this time to 5 September 2011.

Auzex has previously stated that the offer was grossly inadequate, with the board fully focussed on developing the two million ounce Bullabulling Gold project in Western Australia, and bringing the mine to production as quickly as operating conditions will allow.

Both companies hold a 50:50 share of Bullabulling.

The largest shareholder off both Auzex and GGG resources, Baker Steel Capital Managers (on behalf of its discretionary clients), has indicated the company's intention to reject the offer.

Baker Steel holds 9.3% of Auzex and 10.2% of GGG Resources.

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