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.