Company increases its shares
On July 22, Gold One International Limited announced that BCX Gold Investment Holdings Limited increased its share holdings in Gold One from 88.77% to 90.03%.
This increase to above the 90% mark by BCX Gold means that they have the right, but not the obligation, to compulsorily acquire any remaining Gold One shares.
This means that from July 19, BCX Gold has six months in which to make an offer to all existing shareholders of Gold One to buy out their shares.
The shareholders of BCX Gold consist of Baiyin Non-Ferrous Group, which is a subsidiary of the CITIC Group, together with the China-Africa Development Fund, which is a subsidiary of the China Development Bank, and Long March Capital Group.
If BCX Gold does decide to buy out the remaining shares, they will need to make a compulsory acquisition notice which will be sent to all shareholders of Gold One, letting them know that BCX Gold is deciding to buy out their shares.
The notice must include an expert’s report on the offer and the holders of Gold One shares can apply to court for an order that their shares not be compulsorily acquired.
The Court can order that the shares not be compulsorily acquired only if it is satisfied that the offered amount is not fair value for the shares.
