SolGold PLC on Monday said its shareholders largely approved its pending takeover by Jianxi Copper Company Ltd.
The Birmingham, England-based Ecuador-focused gold and copper miner said the scheme was approved by 91% of shares and that 94% of the eligible votes we cast at a general meeting.
Under the agreement that SunGold’s board supported at Jianxi’s third try, Jiangxi Copper will pay 28 pence per share, for £867 million in total raised from the previous non-binding offer of 26p presented last November.
The acquisition is expected to become effective on March 4. Under the scheme, SolGold would stop trading on the London Stock Exchange at the close of business the same day and be cancelled before the start of the following day.
SolGold shares closed up 0.5% at 27.95 pence each on Monday afternoon in London.
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