Fortiana Extends Highland Gold Acceptances Offer To November 19

(Alliance News) - Fortiana Holdings Ltd said Tuesday it has extended its offer for further acceptance of its takeover of Highland Gold Mining to November 19, which will be when the miner delists from the London Stock Exchange.

In July, Fortiana bought 40% stake in Highland for GBP437.4 million, valuing the whole company at GBP1.09 billion, and made a forward offer to purchase the remaining shares it did not own.

In October, the deal was made unconditional following the receipt of acceptances for 289.7 million shares, reflecting an 80% stake in the company. Now, Fortiana has received acceptances for 340.9 million shares in Highland Gold, representing a 94% interest.

Shares in Highland Gold Mining were up 0.4% at 300.80 pence on Wednesday in London

By Dayo Laniyan; dayolaniyan@alliancenews.com

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