19th Oct 2021 19:27
Trident Royalties PLC - London-based mining royalty and streaming company - Notes that portfolio company Apollo Consolidated Ltd has received and recommended a takeover offer by ASX-listed gold producer Ramelius Resources.
Ramelius has proposed to acquire Apollo through a bid implementation agreement, for 34 Australian cents per share and 0.1375 Ramelius shares per Apollo share, which reflects an implied offer price of 56 cents per share.
Trident holds a 1.5% net smelter return gold royalty over Apollo's Lake Rebecca gold project in Australia.
"Trident identified Lake Rebecca as an attractive but under-appreciated development stage project with significant potential as part of its due diligence process. We are pleased to note the potential acquisition of Apollo which validates the attractiveness of Lake Rebecca, and Trident's royalty. We look forward to completion of the Transaction and further advancement of Lake Rebecca under Ramelius' stewardship," says Chief Executive Officer Adam Davidson.
Current stock price: 36.67 pence
Year-to-date change: down 8.3%
By Dayo Laniyan; [email protected]
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