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Zuleika Gold Limited (ASX:ZAG)

ALERT: Price-sensitive ASX Announcement for ZAG
Current share price for ZAG : $0.028 -0.005 (-15.15%)+
Announcement
Release
15 Oct 2026 9:18AM
Price at Release
$0.033
Full Release
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Summary
CZR Resources Ltd announced an update on its off-market takeover bid for all fully paid ordinary shares in Zuleika Gold Limited, confirming that its offer of 0.1742 CZR shares for each Zuleika share is best and final as to consideration, with no increase unless a competing proposal emerges; the offer, originally set out in the bidder’s statement dated 20 August 2026, is scheduled to close at 5:00pm AWST on 6 November 2026, and CZR stated that it held 72.45% voting power in Zuleika as at 14 October 2026. The announcement emphasised reasons for acceptance including the unanimous recommendation of the independent Zuleika Board, subject to no superior proposal and no adverse change in the independent expert’s conclusion, as well as the expected financial strength of the combined group, reduced corporate costs, enhanced exploration, development and mining capabilities, stronger Western Australian regional presence with commodity diversification, and potential participation by Zuleika shareholders in CZR’s proposed $15 million buy-back if approved and if the offer becomes or is declared unconditional. The notice also outlined acceptance methods through the Automic online portal, by returning a personalised acceptance form, or via a controlling participant for CHESS holders.
Key Points
  • CZR declared its takeover offer for Zuleika Gold best and final at 0.1742 CZR shares for each Zuleika share.
  • CZR said there will be no increase in consideration unless there is a competing proposal.
  • The offer closes at 5:00pm AWST on 6 November 2026 unless extended.
  • CZR had 72.45% voting power in Zuleika as at 14 October 2026.
  • The independent Zuleika Board unanimously recommended acceptance of the offer, subject to no superior proposal and no change in the independent expert’s conclusion.
  • CZR said the combined group would benefit from stronger balance sheets, cash reserves and reduced corporate costs.
  • CZR said the merger would enhance exploration, development and mining capabilities.
  • CZR said the combined group’s projects in Western Australia would provide strategic regional presence and operational efficiencies.
  • Zuleika shareholders may be able to participate in CZR’s announced $15 million buy-back if the necessary conditions are met.
  • The announcement included instructions for accepting the offer online, by acceptance form or through a controlling participant for CHESS holdings.
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.