PanAust's (ASX:PNA) shares are up over 40% to $1.72 in intra-day trade after it received an unconditional, off‐market takeover offer from Guangdong Rising Assets Management (GRAM).
GRAM is currently a significant shareholder in PanAust with a relevant interest of 22.5%, with the offer to acquire all of the shares it doesn't currently hold at $1.71 per share.
For the 12-months ending December 2014, PanAust had record annual copper and silver production and sales: output of copper, gold and silver, and cost performance at Phu Kham beat annual guidance.
Revenue from sales of US$679 million reflected materially lower pay-metal prices and lower gold sales.
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