Contango Microcap looks to tidy up
In what appears to be a mopping up exercise, Contango Microcap Limited announced to the Australian Securities Exchange (ASX) late yesterday that it intended making a second off-market takeover offer to acquire all of the ordinary shares in Contango Capital Partners.
The move represents a follow-on from the company's initial, late-2011 takeover move which resulted in it acquiring a controlling stake of 74.8 per cent.
In the ASX announcement, the company said it expected its offer for the company would be open for one month and it would not be subject to conditions.
It said that if it was entitled to do so under the Corporations Act, it would then proceed to compulsorily acquire all Contango Capital Partners shares that it did not own at a price of 95 cents a share.
Contango Capital Partners Limited owns a 49.99 per cent interest in Contango Asset Management Limited (CAML) - the manager of both the Contango Capital Partners and Contango Microcap Limited investment portfolios.
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