Azumah Resources Limited (ASX:AZM) advises that IGIC Pte Ltd, an affiliate of Ibaera Capital Fund GP, has increased its relevant interest to over 50% of Azumah’s shares, thereby gaining control of the company.
This follows an increased off-market cash takeover offer of 3.3 cents per Azumah share, which the company’s independent directors unanimously recommend that shareholders accept.
In securing the increased offer, Azumah agreed that certain board changes would occur depending upon the level of relevant interest that Ibaera is successful in acquiring.
Accordingly, Azumah has made the role of its managing director redundant, effective immediately, with Stephen Stone retiring as a director of the company.
Azumah has agreed that Ibaera may appoint an additional nominee director to the company’s board now that it holds more than 50% of the issued shares.
Ibaera has informed Azumah that it will nominate this additional director in the coming days.
Each of the Azumah directors who held or controlled Azumah shares have accepted the increased offer in relation to those shares.
The increased offer is scheduled to close at 7.00pm (AEDST) on December 3, 2019, unless extended.