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LONDON - Nioko Resources Corporation has finalized its acquisition of Hummingbird Resources plc, closing the offer for the latter’s shares at 1:00 p.m. London time today. The transaction follows the initiation of a compulsory acquisition process after Nioko’s cash offer for Hummingbird’s entire issued and to be issued share capital was unconditionally recommended.
The acquisition process began on December 16, 2024, when both companies’ boards agreed to the terms. The offer became unconditional on January 2, 2025, and the subsequent compulsory acquisition notices were dispatched on March 19, 2025, to Hummingbird shareholders who had not yet accepted the offer.
As of the closing time today, Nioko has received valid acceptances for approximately 28.79% of Hummingbird’s existing issued share capital, which, combined with Nioko’s interests, represents about 99.39% of the total shares. The remaining shares are subject to compulsory acquisition and will be acquired by Nioko on the same terms as the offer by April 30, 2025.
Shareholders who have not accepted the offer will have their shares acquired compulsorily and can expect to receive their cash consideration after making a written application to Link Group/MUFG. The consideration will be held in trust by Hummingbird until satisfactory evidence of entitlement is provided.
Nioko’s interest in Hummingbird shares, excluding the valid acceptances and shares under compulsory acquisition, amounts to 70.59% of Hummingbird’s issued share capital. The company has confirmed that all Hummingbird directors who hold shares and WIFID S.C.P, a significant shareholder, have accepted or instructed acceptance of the offer.
The transaction has led to the cancellation of Hummingbird shares’ trading on the AIM market as of March 3, 2025. Additional details regarding the acquisition and the process for receiving consideration can be found in the offer document available on Hummingbird’s website.
This news is based on a press release statement from Nioko Resources Corporation.
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