Tiger Brokers

Zenith Minerals Says Review Panel Affirms Takeover Findings, Requires Additional Disclosures

MT Newswires Live
Sep 29

Zenith Minerals (ASX:ZNC) said the review Panel has affirmed the initial Panel's findings of unacceptable circumstances in relation to Forrestania Resources' (ASX:FRS) recommended off-market takeover bid, according to an Australian bourse filing on Monday after market hours.

The review Panel said disclosures should also address the commercial and legal implications for Zenith if Forrestania does not acquire full ownership, including if Zenith remains listed on the Australian Securities Exchange, per the filing.

Forrestania and Zenith have committed to provide the additional disclosures in supplementary bidder's and target's statements, the filing said.

The review Panel concluded that there was no reasonable prospect of varying the orders imposed by the initial Panel, the filing added.

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