Guangdong Rising HK (Holding) Limited, a wholly-owned subsidiary of Guangdong Rising Assets Management Co Ltd (GRAM) has acquired a relevant interest in more than 90% of all of the ordinary shares in PanAust Limited.
As such, GRAM is exercising its right to compulsorily acquire the remaining share of PanAust that it does not already own.
GRAM set out a bidder’s statement on April 7, 2015, and this offer closed on May 27. The compulsory acquisition will be affected on the same terms as the original offer - Aus$1.85 per PanAust share. The compulsory acquisition is expected to take four to six weeks from June 1 to complete.
PanAust is a copper and gold producer in Laos with pre-development opportunities in Laos, Papua New Guinea and Chile. The company’s producing assets are the Phu Kham Copper-Gold Operation and the Ban Houayxai Gold-Silver Operation, both in its prospective 2600sqkm Phu Bia Contract Area in Laos.
In Papua New Guinea, PanAust holds an 80% interest in the Frieda River Copper-Gold Project with the remaining 20% held by Highlands Pacific, a company incorporated in Papua New Guinea. Frieda River is one of the largest known undeveloped copper and gold deposits in the world and offers PanAust excellent potential for the establishment of a long-life operation.