(Alliance News) - Avesoro Resources Inc on Thursday said controlling shareholder Avesoro Jersey Ltd made a bid to acquire shares it does not already own at 100 pence each.
In August, Avesoro Resources had said Avesoro Jersey, which owns a 73% stake, was considering a buyout of the company and that shareholders owning 13% of Avesoro had already given supported for the move.
On Thursday, Avesoro Resources said Avesoro Jersey has entered into "hard lock-up agreements" with shareholders owning an additional 12.9% of the company's shares.
The company said it approved the abridgement of the initial deposit period for the offer from 105 days to 35 days. Moreover, the offer allows the shares of the company which are being acquired to be deposited up to 1700 Toronto, Ontario Canada time on November 22.
As such, the Avesoro Resources's Special Committee said it would abridge the deposit period for the offer to enable shareholders to respond in a "timely manner" and with "greater transaction certainty".
The stock closed up 7.8% at 96.50 pence on Thursday in London.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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