Kedalion Nickel Pty Ltd has announced that it has acquired 92.8% of the shares in Cannon Resources (ASX:CNR).
On 31 October 2022, Kedalion Nickel announced a conditional off-market takeover offer for all the shares in Cannon Resources Limited for the proposed consideration of A$0.45 cash per Cannon share.
The Offer was declared unconditional on 21 November 2022 and Kedalion has assumed control of the company by appointing a majority of the Cannon Board.
As at 18 January 2023, Kedalion has a relevant interest in 92.8% of the Cannon shares on issue and is now entitled under Part 6A.1 of the Corporations Act 2001 to compulsorily acquire all remaining Cannon shares that have not yet accepted the Offer.
Kedalion has indicated it intends to proceed with Post-Bid Compulsory Acquisition and that Cannon will be delisted shortly after the Post-Bid Compulsory Acquisition process commences. Kedalion can commence the Post-Bid Compulsory Acquisition process at any time up to one month after the close of the Offer.
The Offer will close at 7.00pm (Perth time) on 23 January 2023, unless extended.
If Offer acceptances with all necessary accompanying documentation are received prior to the current Offer closing date of 23 January 2023, Kedalion will dispatch the cash consideration before 4 February 2023.
For further information please visit: https://cannonres.com.au/