Mako Gold Limited (ASX:MKG) Issues Supplementary Target’s Statement
Supplementary Target’s Statement Overview
Mako Gold Limited (ASX:MKG) has issued its first supplementary Target’s Statement regarding the off-market takeover bid by Aurum Resources Limited. The document, lodged with the Australian Securities and Investments Commission, aims to update shareholders on the status of the takeover offers and related conditions.
Option Offers and ASX Waiver
The document outlines the conditions surrounding the Mako Options, which are non-transferrable. Mako has received an ASX waiver to modify the terms of these options, contingent upon Aurum acquiring voting power of at least 90% in Mako. The ASX granted this waiver on 2 December 2024; however, conditions were not met before the Offer Period lapsed.
On 5 December 2024, Mako confirmed that the Option Offers have now lapsed due to Aurum’s failure to satisfy the Options Transfer Condition. Consequently, Mako Optionholders can now deal with their options independently.
Future Prospects for Non-Bid Options
Aurum has indicated its intention to acquire the Mako Non-Bid Options following the lapse of the Option Offers. Mako will apply for another ASX waiver related to these options. Notably, Aurum’s obligation to make a new bid is contingent on achieving the necessary voting power in Mako.
Share Offer Extension
Additionally, Mako inform shareholders that Aurum has extended the Offer Period for the Share Offer. The new closing date is set for 31 January 2025, unless mutually agreed otherwise.
Executive Commentary
Michele Muscillo, Non-Executive Chair of Mako Gold Limited, stated, “This supplementary statement clarifies our position in light of the takeover bid, ensuring our shareholders are informed of their options moving forward.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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