St Barbara (ASX:SBM) agreed with Patronus Resources (ASX:PTN) for the company's 158.1 million shares to be bought back by Patronus through a selective buyback, with the consideration to be in the form of shares in Geopacific Resources (ASX:GPR), according to separate Friday filings with the Australian bourse.
Patronus will transfer 458.6 million shares of Geopacific to St Barbara in exchange for a 158.1 million share buyback.
The deal requires an independent expert report and approval by Patronus shareholders at a general meeting.
After the deal, St. Barbara will not have any interest in Patronus, and its listed investment portfolio will comprise Brightstar Resources (ASX:BTR), Geopacific Resources, and Peel Mining (ASX:PEX), with holdings of 5.6%, 14.4%, and 7.1%, respectively.
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