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13 stories mentioning ASX:ZNCUpdated 21h ago

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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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Asia

Zenith Minerals Says Forrestania Resources Boosts Stake to 42.75%

Zenith Minerals (ASX:ZNC) said Forrestania Resources (ASX:FRS) boosted its stake in the firm to 42.75% from 41.45% on Thursday, according to a Friday Australian bourse filing.Forrestania acquired 9 million shares in Zenith as a result of acceptances of the takeover offer. It now holds 272.8 million shares of Zenith.

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Asia

Update: Zenith Minerals Says Ida Metal Investments Lifts Stake, Signals No Acceptance of Forrestania Offer

(Updates to add Forrestania's statement in the fourth and fifth paragraphs and stock movements in the last paragraph)Zenith Minerals (ASX:ZNC) said Ida Metal Investments has increased its stake in the company to around 10.1% after acquiring 4 million shares on-market, while indicating it does not currently intend to accept Forrestania Resources' (ASX:FRS) takeover offer of one Forrestania share for every 4.3 Zenith shares, according to a Thursday filing with the Australian bourse.The company noted that Ida's holding alone would not prevent the takeover offer from becoming unconditional, with the bid subject to a 50.1% minimum acceptance condition, the filing said.The company's board reiterated its unanimous recommendation that shareholders accept Forrestania's offer, in the absence of a superior proposal, the filing added.Forrestania Resources, in a Thursday filing with the Australian bourse, said it considers that it is in the best interests of Zenith Shareholders to accept its offer as no superior offer has materialized yet.Forrestania added that Zenith's current share price is "arguably being supported" by its takeover offer and Ida's current shareholding does not prevent Forrestania from achieving the minimum acceptance condition.Zenith Minerals' shares jumped 5% in recent Thursday trade, and Forrestania Resources' shares also gained 5%.

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Asia

Zenith Minerals Says Ida Metal Investments Lifts Stake, Signals No Acceptance of Forrestania Offer

Zenith Minerals (ASX:ZNC) said Ida Metal Investments has increased its stake in the company to around 10.1% after acquiring 4 million shares on-market, while indicating it does not currently intend to accept Forrestania Resources' (ASX:FRS) takeover offer of one Forrestania share for every 4.3 Zenith shares, according to a Thursday filing with the Australian bourse.The company noted that Ida's holding alone would not prevent the takeover offer from becoming unconditional, with the bid subject to a 50.1% minimum acceptance condition, the filing said.The company's board reiterated its unanimous recommendation that shareholders accept Forrestania's offer, in the absence of a superior proposal, 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 their holdings in the company to 41.45% from 39.87%, according to a Wednesday filing with the Australian bourse.Forrestania Resources now owns 263.7 million shares in the company, the filing said.

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Asia

Forrestania Resources Boosts Stake in Zenith Minerals

Zenith Minerals (ASX:ZNC) shareholder Forrestania Resources (ASX:FRS) increased its stake in the company to about 38.3% from a previous 37.2%, according to a Wednesday filing with the Australian bourse.Forrestania now holds about 240.9 million Zenith shares, up from roughly 234 million, per the filing.Zenith Minerals shares rose 5% in recent Wednesday trade, while Forrestania advanced nearly 7%.

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Asia

Forrestania Resources Boosts Stake in Zenith Minerals

Forrestania Resources (ASX:FRS) increased its stake in Zenith Minerals (ASX:ZNC) to about 14.8% from around 13.8% previously, according to a Wednesday filing with the Australian bourse.Forrestania now holds about 90.8 million Zenith shares, per the filing.Shares of Zenith Minerals declined 5% in recent Wednesday trade, while Forrestania was 2% lower.

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Asia

Zenith Minerals Says Forrestania Resources Lifts Stake

Zenith Minerals (ASX:ZNC) received notice that Forrestania Resources (ASX:FRS) increased their holdings in the company to 13.79% from 11.71%, according to a Friday filing with the Australian bourse.Forrestania Resources now owns 83.8 million shares in the company, the filing said.

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Asia

Forrestania Resources Makes AU$94 Million Recommended Off-Market Takeover Bid for Zenith Minerals

Forrestania Resources (ASX:FRS) entered into a binding takeover implementation deed with Zenith Minerals (ASX:ZNC) under which Forrestania will make offers under a recommended off-market takeover bid for all ordinary shares in Zenith, according to a Tuesday Australian bourse filing.Zenith shareholders will receive one Forrestania share for every 4.3 Zenith shares held, implying an offer value of AU$0.132 per Zenith share, valuing Zenith at AU$93.5 million. The offer represents a nearly 47% premium to Zenith stock's last closing price.The transaction is subject to customary conditions, including a minimum acceptance condition of 50.1%, with Zenith directors holding about 4.5% of Zenith shares intending to accept the offer in the absence of a superior proposal.Eligible Zenith shareholders may be able to access capital gains tax scrip-for-scrip rollover relief where Forrestania acquires 80% or more of Zenith shares and other rollover conditions are satisfied, it added.Zenith Minerals' shares rose almost 17% in recent Tuesday trade, while Forrestania Resources fell almost 10%.

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