Kin told the ASX on Tuesday that Genesis’ off-market takeover offer, which implied a value of 23.5¢ per Dacian share, meant Kin would realise almost $21 million for its 7.34 per cent stake.
Kin noted this return would increase to more than $24m if Genesis reached the 95.1 per cent threshold where its improved offer of 27¢ a share kicked in.
Kin said if this latter situation resulted, it would make a profit of more than $13m, after paying $10.7m for its more than 89 million shares at 12¢ a share.
Kin said its largest shareholder, Deutsche Balaton Group, would also accept the Genesis offer for its 3.22 per cent stake in Dacian.
Genesis launched its latest bid for Dacian on Monday, after its $111m scrip takeover move ended in February with 80.08 per cent of the shares in Dacian.
Genesis announced it had a binding pre-acceptance agreement with associated of Ed Eshuys for their 1.66 per cent, meaning Genesis has grabbed 12.22 per cent of the remaining shares so far.
Mr Finlayson on Monday said the acquisition of the remaining 20 per cent of Dacian was a “logical step” to simplify the ownership of an “enviable position” in the Leonora district — 15 million ounces of combined resources, 3.9Moz of combined reserves, and 4.3Mtpa of combined milling capacity.
Dacian independent non-executive chair Craig McGown said in addition to a significant premium, the offer provided Dacian shareholders with the opportunity to become part of a company with significantly increased scale and demonstrated operational capability focused on the Leonora and Laverton regions of WA.
