Avoca Resources Ltd
(ASX:AVO) is moving in on its takeover target, Anatolia Minerals Development Ltd, with court approval the last remaining hurdle.
Yesterday Avoca shareholders voted overwhelmingly in favour of the merger, backing up the unanimous recommendation made by Avoca directors and overwhelming approval by Anatolia shareholders.
Avoca shareholders are poised to receive 0.4453 Anatolia shares for every Avoca share held, via a scheme of arrangement.
The tie-up intends to create a mid-tier gold producer which will be equally owned by Avoca and Anatolia and called Alacer Gold Corporation.
Approval from the Federal Court of Australia is the last condition that needs to be satisfied and a hearing is scheduled for tomorrow, 3 February.
In the 2010 financial year, Avoca Resources booked a net profit of $57.78 million.
