Robust Resources' (ASX:ROL) suitor Padiham Resources has now achieved over 90% relevant interest in Robust.
As per Padiham’s substantial holder notice released today, as a result of acceptances received in respect of its takeover offer, Padiham now has a relevant interest in 91.97% of Robust.
The offer is now unconditional. Padiham has today also lodged compulsory acquisition notices in respect of all outstanding Robust shares.
It is expected that the ASX will suspend quotation of Robust shares in 5 business days.
The takeover price of $0.49 represents an improvement of 56% over the previous proposal from Stanhill, and is a premium of 123% to Robust's price prior to the original Stanhill offer.
The original $0.28 offer on July 1st was at a 27.2% premium to Robust's market price of $0.22 at the time.
Robust's flagship asset is its Batu Perak polymetallic project on Romang Island, Indonesia.
A conceptual exploration target has been estimated to be 8 to 12 million tonnes at 5% to 7% combined base metals, 1 to 2 grams per tonne gold and 60 to 80 grams per tonne silver.
This would yield 400 to 600 thousand ounces of gold, 20 to 30 million ounces of silver, and 1 to 1.5 billion pounds of base metals.
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