Offeror(s): Normandy NFM Limited

Independent Adviser(s): Grant Samuel & Associates (Rule 22), Investor Resources Limited (Rule 21)

Offer Date: 09/01/2003

Closing Date: 10/02/2003

Offer Type: Full

On 5 December 2002, Normandy NFM Limited (“Normandy”), a wholly-owned subsidiary of Newmont Mining Corporation (“Newmont”), announced its intention to make a full takeover offer for all of shares and options in Otter Gold Mines Limited (“Otter”) it did not already own, at the price of A$0.28 cash per share. Both Normandy and Newmont were ASX-listed companies. At the time of its offer, Normandy owned 89.17% of Otter’s issued shares.

 

On 30 January 2003, Normandy announced its shareholding in Otter had increased to 96.5% as a result of acceptances under the offer.

 

On 18 February 2003, Normandy sent a notice of dominant ownership and compulsory acquisition notice to outstanding shareholders of Otter.

 

Prior to the takeover offer, the Panel granted Newmont and its subsidiaries an exemption from rule 6 in respect of any increase in control in Otter as a result of a takeover by Normandy.

 

Investor Resources Limited prepared a rule 21 independent advisers report on the merits of the offer.

 

Grant Samuel & Associates prepared a rule 22 independent adviser’s report on the fairness of the offer between the classes of shareholders. 

Key Documents

Takeover Offer:
Independent Adviser Report(s):