Regis Resources lobs bid for Capricorn Metals

Company News

by Anna Napoli

Last Movement
$4.500 $0.212 4.95%
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Last Updated: 17/02/2020 10:58 AM

Regis Resources (ASX:RRL) has today confirmed it has put forward a confidential, indicative and incomplete proposal to acquire 100 per cent of Capricorn Metals.

The proposal puts forward an offer of 11.4 cents in Regis shares per Capricorn share, a premium of 93.2 per cent to the Capricorn closing price last Friday.

Regis still requires the recommendation of the Board of Capricorn, the support of its major shareholders and execution of a binding implementation agreement.

While the Capricorn board has confirmed its unanimous support, Capricorn's largest shareholder Hawke's Point (with a 18.9 per cent interest) has not at this stage been prepared to support the proposal.

Shares in Regis Resources (ASX:RRL) are trading flat at $4.14.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.