28 stories mentioning ASX:ZNCUpdated just now
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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.
(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%.
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.
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.
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%.
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.
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.
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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