Ausdrill shares soar high on report justifying Barminco acquisition

  • Sep 04, 2018 AEST
  • Team Kalkine
Ausdrill shares soar high on report justifying Barminco acquisition

Ausdrill shares jumped 9.177% to $1.725 on 4 September 2018. Thanks to ongoing Barminco acquisition transaction that will create Ausdrill to become the Australia’s second largest mining services company.

Today Ausdrill Limited (ASX: ASL) released notice of meeting along with independent expert’s report on Barminco acquisition. Annual General meeting which is scheduled to be held on 25 October 2018 at Perth, Western Australia is expected to transact three special resolutions one of which relates to the acquisition of Barminco. 

On 15 August 2018, Ausdrill announced the proposal to acquire unlisted underground hard rock contractor Barminco for $271.5 million. The consideration for the transaction is largely equity based, with approximately 150.7 million new Ausdrill shares being issued to Barminco vendors in addition to up to $25.4 million in cash.  The deal is supported by fund raising of $250 million through institutional entitlement offer.

Demonstrating strong support to the procurement decision, the Board of Directors of the company have unanimously recommended shareholders to vote in favor of Barminco acquisition deal.

Furthermore, the independent expert report concluded that in the absence of a superior option, the Barminco transaction and the acquisition of Barminco sale interests from the Sayers Family Trust are fair and reasonable to Ausdrill’s shareholders.

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