OZ Minerals advised that, as at this morning, it had received acceptances and acceptance instructions of its Offer1 for a total of 73.9% of the issued capital in Avanco. This total includes:
- 7% in direct acceptances; and
- 2% in acceptance instructions under the institutional acceptance facility, all of which relate to shares held by BlackRock. As the Offer is unconditional, BlackRock cannot withdraw these instructions and they will be processed as an acceptance.
Acceptances and acceptance instructions have been received from all of Avanco’s major shareholders (Appian, BlackRock, Greenstone Resources and Glencore) and in respect of the shares resulting from the exercise of Avanco management options following the Offer being declared unconditional on 7 June 2018.
OZ Minerals will extend the offer until 7.00pm (Sydney time) on 6 July 2018.2
Shareholders intending to accept the Offer are encouraged to do so immediately, as there is no reason to delay.
Avanco shareholders who have already accepted the Offer, or who accept by 14 June, will be paid the Offer consideration of $0.085 cash and 0.009 OZ Minerals shares for each Avanco share by 21 June. Avanco shareholders who accept after 14 June will be paid within seven days of acceptance.
OZ Minerals has implemented the following changes with respect to Avanco:
- OZ Minerals Executives Andrew Cole, Mark Irwin and Warrick Ranson have been appointed NonExecutive Directors of the Avanco Board, with Andrew Cole assuming the role of Chairman;
- Avanco Board directors Simon Mottram and Luis Azevedo have retired from the Board but remain as senior executives with Avanco;
- Luiz Ferraz has retired from the Board;
- Tony Polglase has stepped down as Managing Director of Avanco and is now Chief Executive, Brazil;
- OZ Minerals intends to place secondees into key management and technical roles in Brazil without delay; and
- OZ Minerals has a dedicated internal team focused on transition of ownership and integration activity as its ownership in Avanco increases.
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