Toledo shares soar on mandatory offer

Shares in AIM-listed Toledo Mining leapt over 50 per cent on Monday morning after major shareholder, DMCI Mining, made a mandatory cash offer for the group following its acquisition of shares in the company on Friday which took its interest in Toledo to approximately 37.7 per cent.

Shares in AIM-listed Toledo Mining leapt over 50 per cent on Monday morning after major shareholder, DMCI Mining, made a mandatory cash offer for the group following its acquisition of shares in the company on Friday which took its interest in Toledo to approximately 37.7 per cent.

The increase in DMCI's stake came after shareholer Jason Cropper sold the firm his stake, which was equal to 20.7% of the issued share capital. The transaction saw him hand over 10.34m shares at 50p each.

Following DMCI's announcement, Toledo is now in an offer period.

Toledo advised its shareholders to "take no action" until it has set out its views on the offer.

The share price had risen 52.46% to 46.50p by 09:15 on Monday.

NR

Recommended

Three safe bets on the growing online gambling sector
Share tips

Three safe bets on the growing online gambling sector

Professional investor Aaron Fischer, creator of the Fischer Sports Betting and iGaming ETF, picks three of his favourite online gambling stocks.
29 Nov 2021
Two outstandingly cheap UK stocks in an age of mad valuations
UK stockmarkets

Two outstandingly cheap UK stocks in an age of mad valuations

In these times of nutty company valuations, there is still plenty of opportunity around, says Merryn Somerset Webb. Take these two stocks, for example…
26 Nov 2021
Four of the best digital healthcare stocks to buy now
Share tips

Four of the best digital healthcare stocks to buy now

Thanks to Covid-19, policymakers and investors have become more aware of the wide array of opportunities in the sector. The good news is that we are a…
26 Nov 2021
Share tips of the week – 26 November
Share tips

Share tips of the week – 26 November

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
26 Nov 2021

Most Popular

Don’t worry about the global population explosion – it’s unlikely to happen
Investment strategy

Don’t worry about the global population explosion – it’s unlikely to happen

One of the many things we are taught to worry about is the fast-rising global population. But in fact, says Merryn Somerset Webb, the opposite is tru…
15 Nov 2021
Four of the best new investment trust listings
Investment trusts

Four of the best new investment trust listings

Diversify your portfolio and benefit from rising dividends with these four new investment trusts coming to the market soon.
15 Nov 2021
Is it time to remortgage your home?
Mortgages

Is it time to remortgage your home?

Banks are already starting to prepare for higher interest rates, says Alex Rankine. Should you, too?
23 Nov 2021