10/08/2011: Crescent Gold: Focus Minerals' interest rises to 62.12% after Deutsche Bank accepts 8.48% stake
10/08/2011: Crescent Gold: Focus Minerals' interest rises to 62.12% after Deutsche Bank accepts 8.48% stake
Focus Minerals Limited (ASX: FML, FFT: FZA) is pleased to announce its relevant interest in Crescent Gold Limited (ASX: CRE, TSX: CRA, FFT: CZ8) has increased to 62.12% after receiving acceptances from Deutsche Bank for its remaining holding in Crescent.
On 20 June 2011 Focus and Crescent announced that they had agreed to merge by way of an off-market takeover offer for Crescent by Focus. The Offer consideration is 1 Focus share for every 1.18 Crescent Shares, representing a 30.5% premium based on the closing prices of Crescent shares and Focus shares on 17 June 2011, the last trading day prior to the announcement of the Offer. The Offer opened on Thursday 30 June 2011 and has been extended to close at 7.00pm (AEST) 31 August 2011 (unless extended).
The Crescent Board has unanimously recommended that, in the absence of a superior proposal, ALL CRESCENT SHAREHOLDERS SHOULD ALSO ACCEPT THE OFFER. The Crescent Directors have all provided acceptances in respect of shares held or controlled by them in respect of the Offer.
The Offer received the support of Crescent’s major shareholder Gulara Pty Ltd (a wholly owned subsidiary of Deutsche Bank AG), which on 17 June 2011 entered into a pre-bid agreement for 19.99% of Crescent Shares. Deutsche Bank has now provided acceptances for its remaining 8.48% holding.
Source Stock Exchange Announcement(s)
Value GBP 45m (Offer size)
Stake Value more than 30% inclusive































