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- Published March 09, 2012 11:59AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
AFRICAN IRON LTD (AKI): Exarro Australia Iron Investments P/L a wholly owned subsidiary of Exarro Resources Ltd (Exarro) is offering for all the shares in the company. Consideration is $0.51 per AKI and $0.31 per AKIOA. Consideration will be increased to $0.57 per AKI and $0.37 per AKIOA if Exarro has a relevant interest of 75% or more. Cape Lambert Resources has accepted the offer for its 19.99% of AKI. AKI Directors recommend share & option holders accept the offer in the absence of a better offer and have accepted in regard to their own shares & options. Exarro is now entitled to 99.52% of the voting power in AKI and is proceeding with compulsory acquisition of all outstanding shared. Equatorial Resources intends to accept Exxaro’s offer for its 20.5% shares and options in AKI. Exarro is now unconditional and is further extended to remain open until 12 March 2012.
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