21st Jan 2022 14:27
Bacanora Lithium PLC - London-based developer of Sonora lithium project in Mexico - Says Shanghai-based Ganfeng International Trading Co Ltd has received valid acceptances in respect of 234.0 million Bacanora shares in relation to its takeover offer. This represents 86% of Bacanora shares.
Once all related shares have been transferred, Ganfeng will own 349.5 million in shares in Bacanora, or 90%. Once it breaches the 90% acceptance threshold, Ganteng intends to compulsorily buy up the remainder of Bacanora shares.
Bacanora reiterates that Tuesday is last day of trading on AIM before listing is cancelled on Wednesday.
In August, the two reached an agreement on recommended cash offer worth 73.6 pence per Bacanora share. It valued Bacanora at around GBP284.8 million.
Current stock price: 67.00 pence
12-month change: up 3.0%
By Abby Amoakuh; [email protected]
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