Focus Minerals is charging on with plans to resume operations at the Coolgardie gold project after the expiry of an unsolicited takeover bid from Theta Gold Mines. Focus advised the ASX on Thursday the Theta bid closed on Wednesday, and had not been extended. Theta had last week stated it would not be extending the bid.
Focus said Theta had received acceptance of about 1.1 per cent of all Focus shares, making its holding now about 2.21 per cent. The Theta bid emerged on December 9, and saw the Sydney-based, South African-focused company offer two of its shares for every Focus-held security.
That was on the condition Focus did not proceed with a planned $25.5 million capital raising. But Focus at the time told its shareholders to take no action in relation to the Theta offer and went ahead with the raising. Theta in January and February continued to indicate it wanted Focus shareholders to accept its offer, sweetening it to five of its shares for every two Focus shares, but Focus remained steadfast in its rejection.
China’s Shandong Gold, which opposed the Theta bid, lifted its stake in Focus to 63 per cent as part of the capital raising. Focus on Thursday indicated the takeover bid had now expired.
“In the near term, the company will continue with the implementation of its plans to resume operations at its Coolgardie gold project, as announced on December 3,” Focus said.