The takeover bid for all the ordinary shares in Avanco Resources Limited closed on 6 July 2018 as confirmed by OZ Minerals. OZ Minerals revealed a relevant interest of 97.70% of Avanco’s shares. As announced on 27 June 2018, OZ Minerals commenced the compulsory acquisition process for the remaining Avanco shares.
The securities of Avanco Resources Limited stood suspended from quotation at the close of trading on Friday, 6 July 2018 in accordance with Listing Rule 17.4, following dispatch of the compulsory acquisition notices by OZ Minerals Brazil (Holdings) Pty Ltd. The group will be removed from official list at the close of July 11, 2018.
Related correspondence and notices for compulsory acquisition were dispatched recently to all Avanco Resources Limited’s (ASX: AVB) shareholders who did not accept OZ minerals Limited’s offer. Because of its takeover offer, OZ Minerals Brazil (Holdings) Pty Ltd increased the relevant interest in Avanco Resources Limited (Avanco). To acquire the remaining shares under the compulsory acquisition provisions of the Corporations Act, OZ Minerals Brazil is exercising its right. The compulsory acquisition will be on the same terms as the offer (i.e., consideration of 0.009 OZ Minerals Limited shares per Avanco share and $0.085 cash).
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