Genesis’ offer closes on Friday, and Dacian said its delisting would take effect from next Monday in accordance with ASX policy.
The Raleigh Finlayson-led company initiated the off-market offer on October 16 to acquire the 20 per cent of Dacian shares it did not already own, after its $111 million scrip takeover bid finished in February with the company in control of 80.08 per cent of Dacian.
It made a base offer consideration of 0.1685 new Genesis shares for every Dacian share.
This implied Dacian shares were worth 23.5¢, a premium on the company’s October 13 share price of 12.5¢ and 20-day volume-weighted average price of 11.9¢, and gave the company a total equity valuation of $286m.
Genesis said the offer would be increased to an improved consideration of 0.1935 Genesis shares for every Dacian share if Genesis acquired 95.1 per cent during or at the end of the bid period — making the shares worth 27¢ and Dacian worth $328m.
The offer got off to a flying start, with Kin Mining and its biggest shareholder, Deutsche Balaton Group, accepting the offer for their 7.34 per cent stake, and 3.22 per cent stake, respectively.
Mr Finlayson last month 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.
