Avesoro Resources to de-list following compulsory acquisition

Avesoro Resources announced on Monday that its controlling shareholder, Avesoro Jersey (AJL), has completed the compulsory acquisition of all remaining common shares of the company not already owned by AJL following its previously-announced successful takeover bid.

The TSX and AIM-traded firm said that following the expiry of the offer, as extended to 3 December, AJL owned 79,875,277 common shares representing, on a non-diluted basis, about 97.9% of the issued and outstanding shares.

AJL acquired an additional 1,699,983 common shares under the compulsory acquisition representing around 2.1% of the issued and outstanding common shares, at a price of 100p in cash per share for an aggregate price of £1.7m.

“As a result of the compulsory acquisition, AJL now owns 81,575,260 common shares representing 100% of the issued and outstanding common shares of the company,” the board said in its statement.

Avesoro said it had applied to have the common shares delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange in accordance with the policies of both exchanges.

It expected that its shares would be delisted from the TSX at the close of trading on 7 January, and the depositary interests representing the common shares would be delisted from AIM as at 0700 GMT on 8 January.