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Alto Metals major shareholders representing 32.12% do not intend to accept Middle Island offer

The offer is highly conditional and includes a 90% minimum acceptance condition.
Alto Metals major shareholders representing 32.12% do not intend to accept Middle Island offer
The company’s primary objective is the discovery or acquisition of projects with potential for plus million ounce gold deposits

Alto Metals (ASX:AME) has received separate written notices from the company’s three major shareholders who do not intend to accept the offer of five Middle Island Resources Ltd (ASX:MDI) shares for every one Alto share.

Under the terms of the proposed takeover, Middle Island offered five Middle Island shares for every one Alto share.

The three major shareholders own or control 68,608,175 Alto shares and include:

  • Windsong Valley Pty Ltd and Marymount Pty Ltd (related parties of Alto’s chairman Terry Wheeler);

  • Sinotech Corporation Limited; and

  • Enterprise Metals Ltd.

Further details of the director’s recommendation will be contained in Alto’s target statement which will be lodged and sent to shareholders following issue of the bidder’s statement.

Middle Island has indicated it will send out its bidder’s statement on or before April 29, 2019.

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