Zeta Resources Limited (ASX:ZER) has announced that UIL Limited, the major shareholder holding 95.03% of the ordinary shares, has exercised its right of compulsory acquisition under section 103 of the Companies Act 1981 of Bermuda to acquire all shares in Zeta held by shareholders other than UIL for an offer price of A$0.2973 in cash for each Zeta share. The record date for Remaining Shareholders subject to the compulsory acquisition is Friday, 11 October 2024, and the compulsory acquisition is expected to complete on Wednesday, 16 October 2024.
The Company advises that UIL Limited has exercised its right of compulsory acquisition to acquire all shares in Zeta held by shareholders other than UIL. This decision aligns with UIL's intention to acquire the shares at the offer price of A$0.2973 per share, which is above the last traded price of A$0.22 per share on ASX. The Company is committed to facilitating the compulsory acquisition process in accordance with the Companies Act 1981 of Bermuda and ensuring that Remaining Shareholders receive the consideration payable.
Zeta Resources Limited (ASX:ZER) has announced the compulsory acquisition of shares by UIL Limited at an offer price of A$0.2973 per share, which is above the last traded price on ASX. The process is expected to be completed by Wednesday, 16 October 2024. Following the acquisition, Zeta's shares will be removed from the official list of ASX. Zeta Resources Limited aims to maximize total returns for shareholders by identifying and investing in resource assets and companies where the underlying value is not reflected in the market price. The Company will continue to focus on its investment strategy and resource-focused development to achieve its long-term objectives.