Avesoro Jersey Limited's Offer to Acquire Avesoro Resources Inc. Common Shares Extended for Mandatory Extension Period to December 3, 2019
ST. HELIER, Jersey, Nov. 22, 2019 /CNW/ - Avesoro Holdings Limited (AHL) and its wholly-owned subsidiary Avesoro Jersey Limited (the Offeror) today announced that the offer to acquire all of the issued and outstanding common shares (the Common Shares) of Avesoro Resources Inc. (Avesoro) not currently owned by the Offeror or any of its affiliates or associates for £1.00 (or its equivalent in Canadian or U.S. dollars) in cash per Common Share (the Offer) has been accepted by holders of Common Shares representing approximately 85.36% of the total number of Common Shares outstanding. All conditions to the Offer, including the minimum tender requirement under applicable Canadian securities laws, have been satisfied, and the Offeror is extending the period for acceptance of the Offer by the mandatory extension period.
Extension of the Offer
Computershare Trust Company of Canada (the Depositary) has reported that as at 5:00 p.m. (Toronto time) on November 22, 2019, being the expiry of the initial deposit period of the Offer, a total of 18,880,713 Common Shares have been validly deposited under the Offer and not withdrawn. The Offeror has taken up and accepted for payment all such Common Shares. Payment of £ 18,880,713, in the aggregate, for such Common Shares is expected to be made to the Depositary as soon as possible and in any event not later than November 27, 2019. If Common Shares were tendered through brokers or financial intermediaries, holders of such Common Shares will receive payment for their shares through their broker or financial intermediary.
The Offer is now open for acceptance until 5:00 p.m. (Toronto time) on December 3, 2019, unless further extended by the Offeror, to give Avesoro shareholders who have not yet tendered their Common Shares to the Offer an opportunity to do so.
The Offeror will file and mail to Avesoro's registered and beneficial shareholders a corresponding notice of variation and extension regarding certain additional disclosure about AHL and the extension of the expiry time of the Offer to 5:00 p.m. (Toronto time) on December 3, 2019, unless the Offer is further extended. Shareholders who have previously validly deposited their Common Shares do not need to take any further action to accept the Offer. The Offeror will take up and pay for Common Shares validly deposited to the Offer during the mandatory extension period within 10 calendar days after any such deposit.