Genesis Minerals Proposes Superior Scheme to Acquire Vault
Key points
- Genesis proposes a superior scheme to acquire all shares in Vault
- Vault shareholders would receive 0.7629 new Genesis shares plus $0.475 in cash per share
- Represents a 14.5% premium over the Regis offer
- Vault's Board deems Genesis' proposal superior
- Genesis SID is in escrow pending Regis' matching rights
Full summary
Genesis Minerals Ltd has delivered a superior proposal to acquire all shares in Vault under a Scheme of Arrangement. Vault shareholders would receive 0.7629 new Genesis shares plus $0.475 in cash per share, representing a 14.5% premium over the Regis offer. The enlarged Genesis Group would have pro forma Ore Reserves of 9.4Moz and Mineral Resources of 33.6Moz. Vault's Board has determined the proposal to be superior, and the Genesis Scheme Implementation Deed is in escrow pending Regis' matching rights process.
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