re: Ann: NGM: PDN: T/O offer by Paladin for t...
Uranium miner Paladin Energy Ltd has crept closer to taking control of its takeover target NGM Resources Ltd.
Africa-focused Paladin upped its stake in NGM to 47.44 per cent on Monday after Deutsche Securities Australia Ltd accepted Paladin's offer in respect of almost 20 million NGM shares that Deutsche held.
Paladin previously had a stake in NGM of 42.68 per cent.
Deutsche acquired a 10.7 per cent interest in NGM on July 22, the day after Paladin announced its offer, then in early August upped its stake in NGM to 11.74 per cent, or 21.17 million shares.
NGM directors have unanimously recommended that its shareholders accept the offer in the absence of a better bid and say they intend to accept the proposal in regard to their personal shareholdings in NGM.
The offer closes on October 8.
Paladin has offered one of its shares for every 23.9 NGM shares held, valuing the target at about $29 million based on Paladin's share price at 1418 AEST of $3.83, up two cents.
Shares in NGM, a Niger-focused uranium explorer, were steady at 15 cents.
PDN Price at posting:
$3.83 Sentiment: LT Buy Disclosure: Held
