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

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