AIC Mines Limited (ASX:A1M) offered to acquire Demetallica Limited (ASX:DRM) from OZ Minerals Limited (ASX:OZL), Sandfire Resources Limited (ASX:SFR), Yarraandoo Pty Ltd and other shareholders for AUD 35.6 million on September 19, 2022. Under the terms, AIC Mines will offer Demetallica shareholders, 1 AIC Mines share for every 1.5 Demetallica shares. As of November 7, 2022, AIC Mines Limited (ASX:A1M) entered into a bid implementation deed to acquire Demetallica Limited (ASX:DRM) from OZ Minerals Limited (ASX:OZL), Sandfire Resources Limited (ASX:SFR), Yarraandoo Pty Ltd and other shareholders for AUD 35 million. As per the revised terms, AIC Mines will offer Demetallica shareholders, 1 AIC Mines share for every 1.3 Demetallica shares.
Transaction is subject to approval from Demetallica board & shareholders along with minimum acceptance of 50.1% - at the end of the Offer Period. AIC intend to make compulsory acquisition on basis of offer results. The offer will open on October 5, 2022, and will be closed on November 7, 2022. As of November 7, 2022, The offer has now been extended to November 28, 2022. As of November 25, 2022, the offer has been extended till December 5, 2022. On October 5, 2022, Demettalica's board recommended the shareholders to take no action. On October 12, 2022, Demettalica's board recommended the shareholders to reject the offer because AICÆs BidderÆs Statement does not adequately address or apportion potential value to Demetallica Shareholders, The Offer does not appear to attribute commensurate value to DemetallicaÆs large and high-quality exploration portfolio & shareholders may face adverse tax consequences if they accept the Offer. As of October 13, 2022, AIC recommend Demettalica's shareholders to ACCEPT the Offer. As of October 24, 2022, The offer becomes unconditional. As of November 7, 2022, The Demetallica Board encourages all Demetallica shareholders to accept the Recommended Offer.
Computershare Investor Services Pty Limited acted as a registrar, Argonaut Limited acted as a financial advisor, HopgoodGanim acted as a legal advisor to AIC Mines Limited (ASX:A1M). Steinepreis Paganin acted as a legal advisor, Infrastructure Capital Australia Partners Pty Ltd acted as a financial advisor to Demetallica Limited (ASX:DRM). Professional fees of approximately AUD 60,000 are expected to be payable to HopgoodGanim Lawyers in connection with the Offer. The fee for professional services expected to be payable to Argonaut PCF in connection with the Offer is up to approximately AUD 1,000,000.
AIC Mines Limited (ASX:A1M) completed the acquisition of Demetallica Limited (ASX:DRM) from OZ Minerals Limited (ASX:OZL), Sandfire Resources Limited (ASX:SFR), Yarraandoo Pty Ltd and other shareholders on December 5, 2022.