Helix Resources Limited (ASX: HLX) Releases Supplementary Target’s Statement
Update on Takeover Offer
Helix Resources Limited (ASX: HLX) has lodged a Supplementary Target’s Statement with the Australian Securities and Investments Commission in response to the unsolicited takeover offer from Acta Investment Group Pty Ltd for 25% of Helix shares. The Helix Board now advises shareholders to accept this offer in the absence of a superior proposal, reflecting a shift in their recommendation following recent developments.
Implementation Agreement Details
The implementation agreement signed between Helix and Acta outlines that Acta will subscribe for 100 million Helix shares at a price of $0.005 per share, maintaining its holding below 19.99%. This agreement enables Helix to progress its exploration activities in the Cobar region, particularly drilling at the Muriel Tank gold project, while securing immediate funding for operational requirements.
Directors’ Recommendations
Previously recommending rejection of the offer, Helix Directors now express confidence in accepting the proposal due to the reduction in conditions associated with the bid and a commitment from Acta to further reduce uncertainties encapsulated within the agreement.
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