TWO MINING companies confirmed their plans to delist from London’s junior stock market Aim yesterday.
Australian miner Norton Gold Fields has raised its stake in Bullabulling Gold to over 50 per cent, enabling it to take its peer private, after a hostile takeover approach that Bullabulling has said was “inadequate and opportunistic”.
Bullabulling’s board conceded defeat once acceptances reached over 40 per cent. Norton said it has started reviewing the firm’s board, business, operations and assets.
Bullabulling shareholders have until 28 July to accept Norton’s cash offer of 4.4p per share.
The delisting is subject to the approval of Bullabulling shareholders at a general meeting, the date of which is yet to be provided. “Bullabulling shareholders are urged to act quickly in accepting or risk losing the value presented by Norton’s offer,” said Norton.
Struggling Finnish nickel miner Talvivaara separately announced its plans to delist yesterday after seven years in London. It will continue to trade on the Helsinki Stock Exchange.