Ramelius Resources Limited (AU:RMS) has released an update.
Ramelius Resources Limited has filed an application with the Takeovers Panel regarding the affairs of fellow gold mining company Westgold Resources Limited, following Westgold’s announcement of an acquisition agreement with Karora Resources Inc. Ramelius is contesting the agreement’s exclusivity arrangements, which it believes act as an ‘unacceptable lock up device’ and are misleading due to the disclosure of estimated synergies. The application challenges the enforceability of the Arrangement Agreement and the size of the termination fee, while seeking corrective disclosure.
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