Otter Gold Mines Limited
Transaction Type: Takeover (Full)
Offeror: Normandy NFM Limited
Independent Adviser(s): Grant Samuel & Associates Limited (Rule 21)
Offer dispatch date: 3/12/2001
Offer closing date: 2/04/2002
Exemption: Normandy NFM Limited - Exemption Notice 2002
On 11 October 2001, Otter Gold Mines Limited (OGM) announced that Normandy NFM Limited (Normandy) proposed to make an offer to acquire all shares in OGM. Normandy offered 1.9 shares in Normandy in exchange for every 100 shares in OGM.
On 28 December 2001, Normandy gave notice that the offer was unconditional as it had acquired 50.1% shareholding in OGM. The next day, Normandy gave notice that the offer had been extended to 15 February 2002. However, the Panel decided that Normandy did not give 14 days’ notice of the time variation as required under the Code.
On 19 February 2002, the Panel granted an exemption to Normandy from rule 29(1) of the Code in relation to a variation notice period.
By 2 April 2002, Normandy’s shareholding was at 84.46%.