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LONDON (Alliance News) - Bushveld Minerals Limited Thursday said it has increased its shareholding in Lemur Resources Limited and has extended the deadline for its takeover bid of the company.
The iron-ore and tin exploration and development company with operations in South Africa said it now has 100.2 million shares in Lemur Resources, representing a 52.03% interest after further acceptances of its takeover bid.
This is the third time in the previous fortnight that Bushveld has increased its interest in the company, from a 16.77% share in Lemur on August 26.
The company made the full takeover offer for Lemur Resources on June 3 and the closing date for the offer takeover bid is now 1900 Australian EST on September 26.
"We look forward to welcoming further Lemur shareholders to accept the Bushveld offer in the coming weeks. Once the transaction has been completed we look forward to create value for all our shareholders in the company," Chief Executive Fortune Mojapelo said in a statement.
Bushveld shares were down 1.12 pence, or 11.84% to 8.38 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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