Gold One International (ASX: GDO, JSE: GDO) significant shareholder Water Island LLC has increased it stake in the company.
Water Island acquired 3.73 million shares during September to move to 48.74 million shares equal to a 6.03% stake. Consideration was an average price of $0.53 per share.
Recently, the Namibian Competition Commission granted approval for a A$0.55 cash offer for the company.
The transaction comprises a series of interdependent transactions, including a cash offer of A$0.55 per existing Gold One share and a minimum A$150 million capital injection into Gold One.
The Chinese consortium is seeking to become the major shareholder and long term strategic partner of Gold One targeting a minimum 60% stake, with the cash injection providing funding for development of the company.
The consortium currently holds around a 19% stake.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/20258/gold-one-international-substantial-holder-acquires-further-shares-20258.html
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