St Barbara Swaps Patronus Shareholding for Geopacific Shares
Key points
- St Barbara to buy back 158.1 million shares from Patronus Resources
- Consideration to be in the form of shares in Geopacific Resources
- Transaction requires independent expert report and Patronus shareholder approval
Full summary
St Barbara Ltd has confirmed that it has reached an agreement with Patronus Resources Ltd (ASX:PTN) for the company's 158.1 million shares to be bought back by Patronus, with the consideration to be in the form of shares in Geopacific Resources Ltd (ASX:GPR). This decision is consistent with St Barbara's stated strategy of active management of its investment portfolio, while being patient with its equity holdings and looking for opportunities to add value. The company's deep knowledge of the Simberi epithermal system sets up a relationship where St Barbara can be supportive of Geopacific through guidance on exploration targeting and prioritization on the similar geological setting at the Woodlark Project. The transaction requires an independent expert report and approval by Patronus shareholders at a General Meeting, which will include a Special Resolution for shareholders to approve the selective buyback. St Barbara's proforma listed investment portfolio (assuming a successful Patronus shareholder vote) would comprise shares in Brightstar Resources (ASX:BTR), Geopacific Resources (ASX:GPR), and Peel Mining (ASX:PEX).
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