logo-loader
viewAzumah Resources Ltd

Azumah Resources now controlled by Ibaera after interest passes 50%

The majority of shareholders have accepted Ibaera’s increased offer of 3.3 cents per share.

Azumah Resources Ltd - Azumah Resources now controlled by Ibaera after interest passes 50%
The two parties hold the Wa Gold Project in Ghana

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.

Board changes

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.

Quick facts: Azumah Resources Ltd

Price: 0.033 AUD

ASX:AZM
Market: ASX
Market Cap: $32.29 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Azumah Resources Ltd named herein, including the promotion by the Company of Azumah Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Azumah Resources progresses towards developing Wa Gold Project in Ghana

Azumah Resources Ltd(ASX: AZM) managing director Stephen Stone updates Proactive Investors on the company’s progress towards developing its Wa project gold asset in the West African country of Ghana. The plans are advancing following the recent release of a scoping study that indicated...

on 13/8/19

2 min read