Post by
4u on Sep 21, 2011 10:21am
Just shy of 90%
Can someone correct me if I am incorrect. If they don't get the remaining 1.75% by Friday, TRR would be free to buy up the remaining shares on the open market. Would the price drop do you think because augen would be illiquid? Would Augen shareholers see demand dry up? Or would the need to buy by TRR push the price up? Comments?
Trelawney Announces that 88.25% of Augen Gold Corp. Shares Have Been Tendered to its Offer and Reminds Shareholders that Deadline to Tender is September 23, 2011
September 21, 2011 – Toronto, Ontario – Trelawney Mining and Exploration Inc. (“Trelawney”) (TSXV: TRR, Frankfurt: RTW) announces that approximately 138,708,639 common shares of Augen Gold Corp. (“Augen Gold”) (TSXV: GLD) have been validly deposited to its offer to acquire all of the issued and outstanding shares of Augen Gold (the “Offer”). The deposited shares represent approximately 88% of the issued and outstanding common shares of Augen Gold (“Augen Gold Shares”). As all of the conditions to the Offer have been satisfied or waived, Trelawney has taken up the 138,708,639 Augen Gold Shares tendered to date under the Offer.
Under the Offer, which has the full support of the Augen Gold Board of Directors, Augen Gold shareholders will receive 0.0862 of a common share of Trelawney (each whole share, a “Trelawney Share”) in exchange for each Augen Gold Share they own. Trelawney will take up and pay for the Augen Gold Shares deposited to the Offer no later than three business days after being taken up.
Deadline to Tender to the Offer: Friday September 23, 2011
Comment by
pixy242 on Sep 21, 2011 12:04pm
TRR is NOT going to buy the shares in the open market. If they don't get the 90% by 23rd, they will call a special general meeting to pass a resolution forcing the sale of the remaining shares at the same ratio. Not sure how long that would take, but till then any shares untendered will be at the 'tender' mercy of the arbitragers in the market. JMHO.