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Forrestania Resources Limited (ASX:FRS)

ALERT: Price-sensitive ASX Announcement for FRS
Current share price for FRS : $0.370 -0.035 (-8.64%)+
Announcement
Release
8 Jul 2026 8:21AM
Price at Release
$0.405
Full Release
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Summary
Zenith Minerals Limited's board has reaffirmed its support for the off-market takeover offer by Forrestania Resources Limited. The offer, which involves an exchange of 1 New Forrestania Share for every 4.3 Zenith Shares, is recommended unanimously by Zenith's board in the absence of a superior proposal. The offer provides significant premiums over recent trading prices and promises enhanced financial capacity and exposure to a larger, diversified gold company. Shareholders must accept the offer to receive consideration, as there will be no shareholder vote. The possibility of compulsory acquisition applies if Forrestania secures 90% of Zenith Shares, and tax implications such as CGT rollover relief depend on the acquisition percentage.
Key Points
  • Zenith Minerals Limited reaffirmed their support for the off-market takeover offer by Forrestania Resources Limited.
  • Zenith Board unanimously recommends that shareholders accept the offer in the absence of a superior proposal.
  • The takeover offer includes an exchange ratio of 1 New Forrestania Share for every 4.3 Zenith Shares.
  • The offer provides a significant premium on Zenith Share's recent trading prices.
  • Zenith Shareholders will gain exposure to a larger, diversified gold company with enhanced financial capacity.
  • The offer does not require a shareholder vote, and acceptance is necessary to receive the consideration.
  • Compulsory acquisition will only apply if Forrestania secures at least 90% of Zenith Shares.
  • Tax considerations such as CGT rollover relief are dependent on the percentage of shares acquired by Forrestania.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.