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Gold One International: Chinese consortium extends A$0.55 cash offer date

Gold One International (ASX: GDO, JSE: GDO) is currently under a cash offer at A$0.55 from a consortium of Chinese investors to become the major shareholder and long term strategic partner.

An extension of the offer has now been granted to Monday 1 August.

The offer is from BCX Gold Investment Holdings (BidCo), which is the company undertaking the transaction on behalf of the consortium.

Gold One said that the company is currently addressing certain queries raised by ASIC as part of its review, with the dispatch of the Bidder's Statement, Target Statement and Notice of Meeting expected by the end of July.

The plan by the consortium when the cash offer was announced in May was to invest at least A$150 million (ZAR1.1 billion) to secure a 60% to 75% stake in Gold One.

Directors of Gold One have recommended the transaction.

The interest from the consortium in Gold One has developed from the company's strategy to increase scale and production capacity, with the funding support to strengthen acquisition capabilities.


Originally published at http://www.proactiveinvestors.com.au/companies/news/17911/gold-one-international-chinese-consortium-extends-a055-cash-offer-date-17911.html