Otter Gold Mines Limited


Transaction Type: Takeover (Full)

Offeror: Normandy NFM Limited

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

Offer commencement date: 9/01/2003

Offer closing date: 10/02/2002

Exemption: Newmont Mining Corporation - Exemption Notice 2002


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 the 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 listed on the ASX. At the time of its offer, Normandy held or controlled 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 adviser's 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.