Forrestania Resources Starts Process for Compulsory Acquisition of Remaining Kula Gold Shares After Raising Stake to Over 90%
MT Newswires Live
Jan 21
Forrestania Resources (ASX:FRS) started the process for its compulsory acquisition of the remaining Kula Gold (ASX:KGD) shares that it does not have a relevant interest after securing an over 90% stake and at least 75% of the Kula shares that Forrestania offered to acquire under the takeover offer, according to a Wednesday Australian bourse filing.
The compulsory acquisition process is expected to be completed in February, the filing said.
Under the takeover bid, Kula shareholders are entitled to receive one new Forrestania share for every 5.6 Kula shares owned.
Kula Gold's shares rose past 2% in recent Wednesday trade.
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