Saracen's takeover of Bligh Resources firms after ASIC lodgement

Company News

by Jessica Amir

Saracen Mineral Holdings (ASX:SAR) takeover of Bligh Resources has firmed, after lodging the first supplementary bidder’s statement with Australian Securities and Investments Commission earlier today.

The original takeover by Saracen was made 8 July 2019, and just days ago (31 July 2019) the takeover was made unconditional and compulsory, after the gold major increased its stake in the small cap to 91.80 per cent.

The takeover for all of Bligh Shares is for 0.0369 Saracen shares for every 1 of Bligh (ASX:BGH) share. 

Bligh Resources owns the Bundarra Gold Project in North-Eastern Goldfields region of Western Australia. It has five Mining Leases, six prospecting licences and two licences for groundwater exploration.

Shares in Saracen Mineral Holdings (ASX:SAR) are trading 10.9 per cent higher at $4.49 hitting a new high, Year-on-year Saracen shares are 130 per cent higher.

Shares in Bligh Resources (ASX:BGH) are trading 10 per cent higher at $0.17, taking the price to 7 year highs (2012 levels), after it listed in 2011.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.