(Alliance News) - Avesoro Resources Inc on Wednesday said its delisting from London Stock Exchange trading is expected to occur in early January, as controlling shareholder Avesoro Jersey Ltd eyes taking sole ownership of the West Africa-focused gold producer.
In October, the Avesoro board unanimously recommended the 100 pence per share bid from Avesoro Jersey, which is owned by Turkish businessman Murathan Gunal, which wants to buy the stock in the London-listed firm it does not currently hold.
Avesoro shares were untraded in London on Wednesday afternoon, last quoted at 97.00 pence each.
Avesoro said a mandatory offer acceptance period elapsed on Tuesday.
Including the 431,179 shares that Avesoro Jersey is set to acquire as part of a transaction reported at the end of the mandatory offer period, it holds a 98% stake in Avesoro.
Avesoro said: "Avesoro Jersey has announced it intends to carry out a compulsory acquisition of all of the remaining issued and outstanding common shares that are not currently owned by Avesoro Jersey.
"Holders of all remaining common shares not currently owned by Avesoro Jersey will be entitled to receive the same consideration per share as paid under the offer, being GBP1 in cash per common share."
Avesoro Jersey also expects the London Stock Exchange to grant Avesoro a waiver to the usual requirement which forces companies to pursue shareholder consent before cancelling trading of its shares.
The delisting of Avesoro shares in both London and Toronto, where it is also listed, will not happen before January 2, the company said, though it is expected to occur on January 2.
Avesoro added Chief Executive Serhan Umurhan and Financial Chief Geoff Eyre have sold shares to Avesoro Jersey.
Umurhan sold 80,100 at the GBP1 offer price, securing GBP80,100 in return in a transaction on Friday. Also on Friday, Eyre sold 27,100 shares.
By Eric Cunha; ericcunha@alliancenews.com
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