Avesoro Resources says Avesoro Jersey has formally commenced an insider bid to acquire all shares of Avesoro Resources at a price of £1.00 per share.
A special committee of the board of directors of the company has, on behalf of the board, approved the abridgment of the initial deposit period for the offer from 105 days to 35 days.
Accordingly, as set out in the bid circular filed by AJL, the offer allows the shares of the company which are the subject of the offer to be deposited up to 17h00 (Toronto time) on November 22, 2019.
AJL holds approximately 72.9% of the company’s shares and has entered into “hard” lock-up agreements with holders of approximately an additional 12.9% of the company’s shares.
Accordingly, the special committee considers it appropriate to abridge the deposit period for the offer to enable shareholders to respond to the offer in a timely manner and to provide shareholders with greater transaction certainty.
The special committee and the board plan to review the terms of the offer with their advisors and will file a directors’ circular in response to the offer within the timeline required by applicable law.