[miningmx.com] — GOLD One International confirmed on Monday that a consortium of Chinese investors was seeking to take control of the group in a deal which would value the gold junior at R4.4bn.
The consortium, lead by Baiyin Nonferrous Group, would offer shareholders A$0.55 per share (about R4.08) to secure a stake of between 60% and 75% in the company.
The offer represented a premium of 27.9% above the latest closing share price of Gold One, and 25.1% above the 30-day volume-weighted average price.
The consortium already secured a 17.7% stake in Gold One in April. As part of the latest deal, it would also provide an A$150m capital injection into Gold One through a subscription of shares.
Gold One’s current listings on the ASX and the JSE will be maintained, with the possibility of a future listing on the Hong Kong Securities Exchange.
“The parties have signed a transaction implementation agreement outlining a proposed investment which will cement the partnership, combining Gold One’s solid operating platform and its strong, experienced management team with the consortium’s substantial financial resources and international business experience,’ read an announcement.
“Gold One has developed a clear and achievable strategy to increase its scale and production capacity and, complementary to this strategy, identified the consortium as a unique investment partner to strengthen Gold One’s acquisition capabilities.’
