Genesis will compulsorily acquire all Dacian shares not accepted into its off-market takeover offer as of Friday November 17.
Following this, Dacian will be delisted from the ASX from Monday November 20, in line with ASX policy.
The acquisition follows Genesis’ increased offer consideration late last month from 0.1685 Genesis shares for every one Dacian share held to 0.1935 Genesis shares.
“The acquisition … is a logical step to simplify the ownership of an enviable position in the Leonora district, which includes 15 million ounces of combined resources, 3.9 million ounces of combined reserves and 4.3 million tonnes per annum of combined milling capacity,” Genesis managing director Raleigh Finlayson said.
Any Dacian shareholders that do not accept the offer by the closing date will have their shares compulsorily acquired for the same share consideration provided under the offer.
Those who have their shares compulsorily acquired will have the Genesis shares to which they are entitled issued to Dacian to hold on trust.
Dacian will then contact shareholders whose shares are compulsorily acquired to obtain instructions on how to transfer to them the Genesis shares.
Dacian has strongly encouraged all remaining shareholders yet to accept the offer to do so immediately.
“The independent board committee of Dacian has carefully considered the offer and encourages all Dacian shareholders to accept the offer in the absence of a superior proposal and subject to an independent expert concluding and continuing to conclude that the offer is fair and reasonable,” Dacian independent non-executive chair Craig McGown said.
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