News Column

Bullabulling Gold Says Norton Gold Fields Has Raised Offer

June 16, 2014

Steve McGrath

LONDON (Alliance News) - Bullabulling Gold Ltd Monday said Norton Gold Fields Ltd has extended its takeover offer for the company, and also sweetened it by offering an extra cent per share as long as it gets an interest of 30% or more of Bullabulling's shares by June 30.

Bullabulling, which has previously vigorously rejected Norton's offer, calling it inadequate and opportunistic, said the deadline for accepting the takeover offer has been extended until July 16. It had been due to expire on Monday.

Norton Gold Fields made a cash offer of AUD0.07 a share for Bullabulling on April 17, and on May 5 said the offer had become unconditional after being approved by Australia’s Foreign Investment Review Board. It is now offering AUD0.08 a share, but only if it gets a relevant interest in 30% or more of Bullabulling by June 30.

"Norton confirms that the conditional increased offer price is Norton's best and final offer and that Norton will not increase the offer price any further. Norton announced that as at the date of this announcement, Norton has a relevant interest in approximately 16% of Bullabulling," Bullabulling said.

The company didn't say what it though about the improved offer.

Bullabulling shares last traded at 3.75 pence in London.

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Source: Alliance News

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