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OceanaGold to Acquire Ausgold for AU$776 Million Via Scheme of Arrangement

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Ausgold (ASX:AUC) entered into a binding scheme implementation deed (SID) with OceanaGold under which an Australian unit of OceanaGold will acquire Ausgold by way of a court-approved scheme of arrangement, according to a Tuesday Australian bourse filing.

The company said Ausgold shareholders will receive 0.03365 OceanaGold common shares for each Ausgold share held, implying a total offer value of AU$1.36 per Ausgold share and a total valuation of about AU$776 million.

Ausgold shareholders also have the opportunity to elect to receive the scheme consideration in cash, subject to scale-back based on a maximum available cash pool of AU$194 million. Ausgold shareholders are expected to own about 6% to 8% of OceanaGold upon completion, the filing added.

The Ausgold board has unanimously recommended shareholders vote in favor of the scheme, with directors intending to vote their combined 1.4% holding in favor, while major shareholder Dundee Corporation, representing about 7.7% of Ausgold, has also confirmed its intention to vote in favor, per the filing.

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