Underground precious metals operator Hochschild Mining has announced the expiry of a successful bid for Andina Minerals.
The company's wholly-owned subsidiary, known as 1710503 Alberta, had extended an offer to acquire all of the outstanding shares of Andina Minerals for CAD $0.80 per share on December 28th. On January 11th, the company said that tenders were received for an additional 5,308,672 shares.
After taking up the deposited shares, Hochschild and its affiliates own 117,432,924 shares, representing 90.84% of the outstanding shares on a fully-diluted basis.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As more than 90% of the shares sought were deposited to the offer, Hochschild intends to acquire all of the remaining shares of Andina not deposited under the offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).
Hochschild's share price was down 0.04% to 461.30p at 09:53 on Monday morning.
MF
-
Shein shifts IPO focus to Hong KongThe development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon
