Gold One International (ASX: GDO) has been notified by BCX Gold, a consortium of Chinese investors, that it has acquired more than 50% of the voting power in Gold One after shareholder acceptances of the consortium’s A$0.55 per share cash takeover offer.
BCX has also confirmed that the period for which the offer is open for acceptance by Gold One shareholders will not be extended from the Thursday, 15 December 2011 deadline.
Shareholders who validly accept the share takeover offer will be paid the consideration five days after the offer closes, on Friday 23 December.
The offer
The offer comprises a series of interdependent transactions, including the cash offer 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 a major boost to the development of the company.
In recent news, Gold One continues to ramp up gold production from the company's Modder East operations in South Africa, and is poised to overtake the 2011 targets in the next few weeks.
Gold One targeted 120,000 gold ounces to be produced during 2011, with the company already pouring 113,569 ounces, with Modder East well positioned for 2012 production to be even stronger. December quarter production up until Friday 25 November was 23,742 ounces.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23205/gold-one-international-chinese-consortium-gains-above-50-voting-power--23205.html
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