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Alto Metals gains new substantial shareholder

Alto recently received a takeover offer, which may explain why this investor has emerged on the register

Alto Metals Ltd - Alto Metals gains new substantial shareholder
Alto’s board recommends shareholders should TAKE NO ACTION until more information arises

Alto Metals Ltd (ASX:AME) has gained a new substantial shareholder in special situations investment manager Harvest Lane Asset Management.

Harvest Lane is focused on selecting high-return and/or low-risk opportunities arising from takeover and corporate activity.

Harvest Lane has a 5.32% holding through 15.59 million shares.

Recent takeover offer from Goldsea

Alto received a 6.5 cents per share off-market cash takeover offer from Goldsea Australia Mining Pty Ltd in late February 2020.

The offer values Alto at $20.7 million and is subject to a number of conditions, including a 90% minimum acceptance condition and approval of the Australian Foreign Investment Review Board (FIRB).

Alto is focused on exploration at its Sandstone Gold Project in Western Australia, which has a JORC resource of 290,000 ounces grading 1.7 g/t gold.

Alto's board considers the continued, unsolicited, interest a strong endorsement in the company and the Sandstone Gold Project.

Quick facts: Alto Metals Ltd

Price: 0.083 AUD

ASX:AME
Market: ASX
Market Cap: $23.81 m
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Alto Metals adding ounces and grade across multiple deposits at Sandstone...

Alto Metals Ltd (ASX:AME) managing director Dermot Ryan summarises for Proactive Investors the past 24 months of exploration and metallurgical test works at the approximately 800 square kilometre Sandstone Gold Project in Western Australia. There is currently a defined a gold resource of...

on 6/12/18

2 min read