Spartan Resources suspends trading as Ramelius Resources buyout takes effect
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The news: Spartan Resources shares suspended from trading at market close as a scheme of arrangement to be acquired by rival gold miner Ramelius Resources took legal effect.
The numbers: Both Spartan and Ramelius were among the biggest gainers on the ASX 200. At 3:59pm AEST shares in Spartan had lifted 6.6% to $2.10 and shares in Ramelius had lifted 8.1% to $2.66.
Ramelius will buy all issued shares in Spartan for $0.25 cash and 0.6957 new Ramelius shares each.
The context: Spartan shareholders as of 7:00pm AEST on 24 July will be entitled to receive the scheme consideration.
The scheme took legal effect on Tuesday after orders from the Supreme Court of Western Australia approving the scheme were lodged with the Australian Securities and Investments Commission.
The source: ASX
