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TORONTO - Dundee Precious Metals Inc . (TSX:DPM) has secured an additional irrevocable undertaking from Adriatic Metals Plc director Sanela Karic to vote in favor of DPM’s recommended acquisition of Adriatic, according to a statement released Tuesday.
Karic’s commitment covers 326,216 Adriatic shares, representing approximately 0.09 percent of Adriatic’s issued share capital. This follows the June 13 announcement of the recommended share and cash offer for Adriatic by DPM.
With this latest commitment, DPM has now received irrevocable undertakings representing approximately 37.32 percent of Adriatic’s issued share capital, up from the previously announced 37.23 percent. These undertakings include commitments from several Adriatic directors and supporting shareholders such as Helikon Investments Limited and L1 Capital Pty Ltd.
The Karic undertaking will remain binding even if a higher competing offer emerges for Adriatic. However, it would lapse if the transaction is not completed by the long stop date, is withdrawn, or if a competing offer for Adriatic becomes unconditional.
The acquisition, to be implemented through a scheme of arrangement under the UK Companies Act, will require approval from Adriatic shareholders at upcoming court and general meetings. Full details of the transaction will be provided in the scheme document to be distributed to shareholders.
BMO is acting as financial adviser to DPM for the transaction, which remains subject to regulatory and shareholder approvals.
The information is based on a regulatory announcement made by Dundee Precious Metals.
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