Musgrave Minerals Ltd (ASX:MGV, OTC:MGVMF) has been advised that Ramelius Resources intends to exercise its right to compulsorily acquire the remaining Musgrave shares it does not already hold as part of its off-market takeover offer.
This offer was announced on July 11, 2023, and closed on September 15, 2023, with Ramelius now holding a 91.37% relevant interest of Musgrave shares.
Under the compulsory acquisition provisions of the Corporations Act 2001 (Cth) Ramelius is entitled to proceed to compulsory acquisition of the remaining Musgrave shares in respect of which it has not received acceptances.
Notice lodged
Accordingly, a notice of compulsory acquisition has been lodged with ASIC and will be dispatched to all Musgrave shareholders who have not accepted the offer.
READ: Musgrave Minerals sees takeover offer from Ramelius become unconditional
The compulsory acquisition will be on the same terms as the offer - consideration of 1 Ramelius share for every 4.21 Musgrave shares plus $0.04 cash per Musgrave share.
Under ASX Listing Rule 17.4, ASX will suspend quotation of Musgrave shares five business days after the date of the Notice.
Once suspended, ASX will remove Musgrave from the official list at the close of trading on a date to be determined.