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Asia

Forrestania Resources Extends Zenith Takeover Offer Again

Forrestania Resources (ASX:FRS) extended its takeover offer for all Zenith Minerals (ASX:ZNC) shares for the eighth time to Sept. 28 from Sept. 21 previously, with the offer subject to further extension or withdrawal, according to an Australian bourse filing on Monday after market hours.The deadline for notifying shareholders of the status of the remaining outstanding conditions has also been extended to Sept. 21, per the filing.

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Asia

Forrestania Resources Extends Zenith Takeover Offer as Takeovers Panel Proceedings Continue

Forrestania Resources (ASX:FRS) lodged its third supplementary bidder's statement for its takeover of Zenith Minerals (ASX:ZNC), extending the offer to Sept. 21 as the company navigates ongoing Takeovers Panel proceedings, according to an Australian bourse filing on Monday after market hours.The company currently holds a 58.14% relevant interest in Zenith.The company said the extension was made in compliance with interim Panel orders requiring it to keep the offer open pending the outcome of the proceedings, while preventing it from processing acceptances or declaring the offer free of defeating conditions, per the filing.The Panel declared the circumstances surrounding the offer unacceptable on Aug. 27, with the company's application for a review still pending as of Monday and no final orders having been made.The company also confirmed the completion of its AU$300 million acquisition of the Edna May Gold Project from Ramelius Resources (ASX:RMS) on Sept. 4, comprising the Edna May mill, associated infrastructure and a 945,000 ounce joint ore reserves committee mineral resource.The company raised AU$310 million at AU$0.40 a share to fund the acquisition, adding gold-processing capacity and strengthening its position around Zenith's Consolidated Dulcie Project.Based on the company's Sept. 4 closing price of AU$0.42, the one-for-4.3 scrip offer valued each Zenith share at AU$0.0977, a premium to Zenith's AU$0.093 closing price, the filing said.Zenith shareholders who accepted the offer by Monday may have the right to withdraw their acceptance, with the offer remaining subject to defeating conditions and the outcome of the Takeovers Panel proceedings, the filing added.

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Asia

Update: Takeovers Panel Says Forrestania's Bid for Zenith Should Not End Before Determination of Proceedings

(Update to add details about Forrestania's extension of the offer period in the fourth paragraph)Forrestania Resources (ASX:FRS) was ordered by the Takeovers Panel to ensure that the offer period under its takeover bid for Zenith Minerals (ASX:ZNC) does not end before the determination of the proceedings before the Panel, according to a Monday Australian bourse filing.The panel said the new interim orders replace those dated Aug. 30, requiring Forrestania to extend its takeover bid to a fixed date.The interim orders have effect until the earliest of a further panel order, determination of the proceedings, or two months from the date of the interim orders, the filing added.The board of Forrestania extended the period during which its offer, under an off-market takeover bid for all of the fully paid ordinary shares in Zenith, will remain open for acceptance until Sept. 21.Forrestania's shares fell 2% in recent trading on Monday.

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Asia

Takeovers Panel Says Forrestania's Bid for Zenith Should Not End Before Determination of Proceedings

Forrestania Resources (ASX:FRS) was ordered by the Takeovers Panel to ensure that the offer period under its takeover bid for Zenith Minerals (ASX:ZNC) does not end before the determination of the proceedings before the Panel, according to a Monday Australian bourse filing.The panel said the new interim orders replace those dated Aug. 30, requiring Forrestania to extend its takeover bid to a fixed date.The interim orders have effect until the earliest of a further panel order, determination of the proceedings, or two months from the date of the interim orders, the filing added.Forrestania's shares fell 2% in recent trading on Monday.

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Asia

Update: Forrestania Resources Complies With Order to Extend Zenith Minerals Bid

(Updates the headline and second paragraph with Forrestania's extension, and adds stock movement in the last paragraph.)Forrestania Resources (ASX:FRS) has been ordered by the Takeovers Panel to extend its takeover bid for Zenith Minerals (ASX:ZNC) so that it does not end before Sept. 14 while the panel continues to consider final orders following its declaration of unacceptable circumstances on Aug. 27, according to a Monday Australian bourse filing.In a separate same-day statement, Forrestania said it has extended the period during which the offer will remain open for acceptance until Sept. 14.The panel said the new interim orders replace those dated Aug. 2, and prohibit Forrestania from processing any acceptances received in relation to its off-market takeover bid or declaring offers free from any defeating condition without the panel's consent.The interim orders have effect until the earliest of a further panel order, determination of the proceedings, or two months from the date of the interim orders, the filing added.Zenith Minerals shares shed over 3% in recent Monday trade.

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Asia

Forrestania Resources Ordered to Extend Zenith Minerals Bid

Forrestania Resources (ASX:FRS) has been ordered by the Takeovers Panel to extend its takeover bid for Zenith Minerals so that it does not end before Sept. 14 while the panel continues to consider final orders following its declaration of unacceptable circumstances on Aug. 27, according to a Monday Australian bourse filing.The panel said the new interim orders replace those dated Aug. 2, and prohibit Forrestania from processing any acceptances received in relation to its off-market takeover bid or declaring offers free from any defeating condition without the panel's consent.The interim orders have effect until the earliest of a further panel order, determination of the proceedings, or two months from the date of the interim orders, the filing added.

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Asia

Takeovers Panel Makes Declaration of Unacceptable Circumstances in Forrestania Resources' Bid for Zenith Minerals

Australia's Takeovers Panel made a declaration of unacceptable circumstances in Forrestania Resources' (ASX:FRS) proposed takeover of Zenith Minerals (ASX:ZNC) following applications from Zenith shareholders Harvest Lane Asset Management and Ida Metal Investments, according to a Friday filing with the Australian bourse.Forrestania accumulated a substantial holding in Zenith by April 13 but did not provide the relevant substantial holder notice until June 9, putting it in breach of ownership disclosure requirements, the Panel said.It also found that the bidder's statement failed to disclose material information to Zenith shareholders related to the sale process for Enda May assets, for which Forrestania submitted a binding offer."The first supplementary target's statement was deficient because it did not properly engage with the material change in circumstances that had arisen as a result of the Edna May transaction," the Panel said, adding that it is still considering whether it would make any final orders.Forrestania shares fell 4% in recent Friday trade.

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Asia

Forrestania Resources Extends Zenith Minerals Takeover Offer Period to Sept. 7; Shares Up 3%

Forrestania Resources (ASX:FRS) said its board has resolved to extend the period during which its off-market takeover offer for Zenith Minerals will remain open for acceptance until Sept. 7, according to a Monday Australian bourse filing.The company's shares rose 3% in recent Monday trade.

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Asia

Forrestania Resources Secures 56.34% Relevant Interest in Zenith Minerals

Forrestania Resources (ASX:FRS) received acceptances giving it a relevant interest of 56.34% of Zenith Minerals (ASX:ZNC) shares, comprising acceptances from Zenith shareholders of 47.22% and Forrestania's existing holding, according to a Tuesday Australian bourse filing.The company said it is presently prevented from declaring the offer free from defeating conditions pursuant to interim orders made by the Takeovers Panel.

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Asia

Forrestania Resources, Zenith Minerals Enter Amended Takeover Deed

Forrestania Resources (ASX:FRS) entered into an amended and restated takeover deed to acquire Zenith Minerals (ASX:ZNC), updating an agreement originally struck in June, according to a Tuesday filing with the Australian bourse.The amended agreement follows interim orders from the Takeovers Panel barring Forrestania from processing further acceptances received in relation to the off-market takeover bid.Forrestania subsequently gave Zenith shareholders who already accepted the offer the right to withdraw their acceptance as the offer period was extended to Aug. 31. The company also engaged with the Australian Securities and Investments Commission to address concerns that the extension notice was invalid.

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Asia

Forrestania Resources Gives Zenith Minerals Shareholders Right to Withdraw Deal Acceptance; Shares Down 3%

Zenith Minerals (ASX:ZNC) shareholders who accepted Forrestania Resources' (ASX:FRS) offer to acquire the company may withdraw their acceptance as Forrestania has extended the offer period to Aug. 31, according to a Monday filing with the Australian bourse.Forrestania is offering the acceptance withdrawal right after engaging with the Australian Securities and Investments Commission to address concerns that its previous extension notice was invalid.Earlier in August, the Takeovers Panel issued interim orders that Forrestania must not process any further acceptances received in relation to the off-market takeover bid for Zenith.Forrestania said it agreed to offer withdrawal rights "without any admission" that its Aug. 10 notice related to the deal was ineffective, or that it contravened the Corporations Act rules, each of which the company denies.Forrestania Resources' shares fell almost 3% in recent Monday trade.

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Asia

Forrestania Resources Extends Zenith Minerals Takeover Offer

Forrestania Resources (ASX:FRS) has extended its off-market takeover offer for Zenith Minerals (ASX:ZNC) for a fourth time, pushing the offer deadline to Aug. 31 from the previous Aug. 17 closing date, according to an Australian bourse filing on Monday after market hours.The company said the extension also pushes back the deadline for notifying shareholders about the status of the offer's defeating conditions to Aug. 24, per the filing.The period for paying consideration has also been reduced from one month to 14 days under an instrument issued by the Australian Securities and Investments Commission (ASIC), meaning the company is not currently required to provide withdrawal rights, the filing said.The notice was lodged with ASIC on Monday, while Takeovers Panel interim orders continue to prevent the company from declaring the offer free of any defeating conditions, the filing added.

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Asia

Forrestania Resources Reports Increased Zenith Stake as Takeovers Panel Halts Bid Acceptances

Forrestania Resources (ASX:FRS) lodged an updated substantial holding notice for Zenith Minerals (ASX:ZNC) while confirming that interim orders from the Takeovers Panel temporarily prevent it from processing new acceptances under its takeover offer, according to a Thursday filing with the Australian bourse.The company said the orders do not restrict it from disclosing its relevant interest, while Zenith shareholders can continue to lodge acceptances, although these will not be processed unless the interim orders are lifted or amended, per the filing.Forrestania has increased its stake in Zenith Minerals to 53.96% from 52.34% and now owns 345.3 million shares, the filing said.The 53.96% aggregate stake comprises 52.34% received prior to Aug. 2 and a further 1.62% from acceptances received after the date of the interim orders, the filing added.

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Asia

Forrestania Says Takeover Panels' Interim Orders Stop Further Acceptances Under Off-Market Takeover Bid for Zenith

Forrestania Resources (ASX:FRS) said the Takeovers Panel made interim orders on Sunday that Forrestania must not process any further acceptances received in relation to the off-market takeover bid for Zenith Minerals (ASX:ZNC) and must not declare the offer free from any defeating condition without the consent of the panel, according to a Monday Australian bourse filing.Forrestania confirmed that, as of July 31, the acceptances it had received under the bid gave it a voting power of 52.34%.The interim orders are in effect until the panel makes further orders, the proceedings brought before the panel are determined, or two months from the orders.

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Asia

Zenith Minerals Says Forrestania Board to Extend Offer Period for Off-Market Takeover Bid to Aug. 17, Shares Fall 7%

Zenith Minerals (ASX:ZNC) said it was informed that the board of Forrestania Resources (ASX:FRS) decided to extend the offer period for an off-market takeover bid for all of the fully paid ordinary shares in Zenith to Aug. 17, according to a Friday Australian bourse filing.The previous closing date for the offer was Aug. 7.Forrestania is now required to give notice of the status of the remaining defeating conditions on Aug. 10, and as of Friday, so far as Forrestania is aware, none of the defeating conditions had been fulfilled.Zenith's shares fell 7% in recent trading on Friday, while those of Forrestania rose 5%.

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Asia

Zenith Minerals Mobilizes Drill Rig for Gold Drilling at Western Australia Project

Zenith Minerals (ASX:ZNC) mobilized Strike Drilling's rig to the Consolidated Dulcie Gold Project, where an up to 38-hole, around 4,800-meter reverse circulation drilling campaign is scheduled to begin on Friday and run for about five weeks, according to a Thursday filing with the Australian bourse.The drilling campaign will begin with maiden drilling at the recently acquired Dulcie Central tenement, focusing on a 600-meter untested strike gap between the Dulcie North and Dulcie deposits, per the filing.The remaining drilling will focus on resource extensions at Dulcie North and Scott's Grey, where previous drilling returned 5 meters at 3.5 grams per tonne gold from 91 meters, while also testing additional mineralized lodes further south at Dulcie, the filing said.Initial work will begin in heritage-cleared areas, while the remaining approved activities will proceed as additional heritage clearances are secured, the filing added.

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Asia

Zenith Minerals Says Forrestania Resources Lifts Stake

Zenith Minerals (ASX:ZNC) received notice that Forrestania Resources (ASX:FRS) increased its holdings in the company to 47.23% from 45.69%, according to a Wednesday filing with the Australian bourse.Forrestania Resources now owns 302.3 million shares in the company, the filing said.Forrestania's shares gained about 1% in recent Wednesday trade.

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Asia

Forrestania Resources Restricted From Declaring Zenith Offer Unconditional Without Approval

Forrestania Resources (ASX:FRS) agreed not to declare its takeover bid for Zenith Minerals (ASX:ZNC) free of any defeating conditions without prior approval from the Takeovers Panel or the acting president, following an application by Harvest Lane Asset Management, according to a Monday Australian bourse filing.The Panel accepted the company's undertaking under the Australian Securities and Investments Commission Act 2001 in relation to Harvest Lane's application concerning Zenith's affairs, per the filing.The company's undertaking will remain effective until the Panel approves any variation or release, the proceedings are resolved, or two months from the date of the undertaking have passed, whichever occurs first, the filing said.The company has agreed to ensure compliance with the undertaking and provide affected parties its benefits, with the Panel able to seek court orders, including compensation, for any breach, the filing added.Forrestania Resources' shares added over 1% in recent Monday trade, while Zenith Minerals' shares rose 2%.

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Asia

Forrestania Resources Extends Zenith Minerals Takeover Offer

Forrestania Resources (ASX:FRS) extended the offer period for its off-market takeover bid for all fully paid ordinary shares in Zenith Minerals (ASX:ZNC), with the offer now scheduled to close on Aug. 7, unless it is withdrawn or further extended, according to an Australian bourse filing on July 24 after market hours.Forrestania has updated its bidder's statement and acceptance form to replace all references to July 31 with Aug. 7 as the closing date, per the filing.The company said it is now required to provide an update on the status of the remaining defeating conditions by July 31 following the extension, adding that none of those conditions had been fulfilled as of the date of the notice.The notice was filed with the Australian Securities and Investments Commission on July 24, following authorization by the company's board, the company added.

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Asia

Zenith Shareholder Asks Takeovers Panel to Prevent Forrestania From Processing Further Acceptances Under Takeover Offer

Zenith Minerals (ASX:ZNC) said Australia's Takeovers Panel received an application from Harvest Lane Asset Management, a shareholder of Zenith, seeking interim orders to prevent Forrestania Resources (ASX:FRS) from processing further acceptances under its takeover offer for Zenth and declaring the offer unconditional while the application is pending, according to a Friday Australian bourse filing.Forrestania entered into a binding takeover implementation deed with Zenith in June. Between June 9 and June 29, Forrestania increased its stake in Zenith to 21.40% from 9.72%. On June 29, Forrestania announced the acquisition of the Edna May mine from Ramelius Resources (ASX:RRL) for AU$300 million.Concurrently, Forrestania announced an equity placement of AU$310 million via a two-tranche placement at an issue price of AU$0.40 per share, almost 30% lower than the referenced offer price in the target's and bidder's statements, per the application.Harvest Lane submitted that the "timing proximity" of the acquisition of the mine and the subsequent material dilution, to the release of both bidder's and target's statements, which did not specifically disclose or reference, constituted information that ought to have been known at the time the statements were issued.Failure to disclose such information constitutes "misleading and deceptive circumstances," according to Harvest Lane.Forrestania's shares fell nearly 8% in recent trading on Friday, while those of Zenith declined 9%. Regis Resources shed 4%.

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