St Barbara Limited (“St Barbara” or the “Company”) (ASX: SBM) refers to the recent ASX release by Brightstar Resources Limited (ASX-BTR) (“Brightstar”) announcing the closing of the off-market scrip takeover offer (“Offer”) for Linden Gold Alliance Limited (“Linden”).
St Barbara congratulates Brightstar on the completion of the offer for Linden and looks forward to working together to maximise shareholder value.
Following the completion of the offer St Barbara is now Brightstar’s largest shareholder, with a shareholding of approximately 10.1%, or 462.1 million shares, which will be voluntarily escrowed for 12 months. A further 110 million shares (related to conversion of Linden debt) will be issued to St Barbara following completion of Brightstar’s compulsory acquisition of the remaining Linden shares.
The Company’s current listed investments total $35 million in value, representing 19% of St Barbara’s market capitalisation.
St Barbara’s strategy for the listed equity investments is to actively manage the portfolio. The Company’s cooperation on the offer for Linden demonstrates that the Company will be supportive of sensible value maximisation proposals.
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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