Mako Gold Ltd (ASX:MKG)’s shareholders have been given more time to consider whether to offload their shares to Aurum Resources Ltd (ASX:AUE) in a takeover share offer, with the deadline extended to 7pm AEDT, Friday, January 31, 2025.
Aurum now has a relevant interest of 67.2% in Mako since MKG’s directors accepted the takeover offer, the terms of which imply an offer price of $0.0191 per Mako share, a 124% premium to Mako’s 30-day VWAP immediately prior to the announcement date.
The share offer is unconditional and free of all defeating conditions and Mako shareholders who have already accepted the offer will be provided with their consideration shortly.
Options offer will not be extended
Aurum also offered an option offer as part of the takeover, offering one share for every 25.1 Mako shares along with one Aurum share for every 170 Class A Options and one share for every 248 Class B Options.
That offer will close today at 7pm AEDT, Wednesday December 4, and cannot be extended.
The options offer remains subject to defeating conditions, namely Aurum acquiring a 90% interest in Mako before the closing date.
As that is now unlikely to happen, the option offers will likely lapse and cannot proceed.
Those Mako option holders who have accepted the offers will retain their Mako options and will be free to deal with their Mako options as they determine, subject to the terms of those options.
Aurum has acquired the right to appoint the majority of Mako’s board of directors and is currently considering the appropriate composition.