BCX Gold Investment has increased its holding in Gold One International, thereby breaching the 90% level, giving it the right, but not the obligation, to compulsorily acquire any remaining Gold One shares.The company increased its issued share capital from 88.77% to 90.03% in the ASX and JSE listed Gold One. The shareholders of BCX Gold consist of Baiyin Non-Ferrous Group Co., 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.
Pursuant to the right of compulsory acquisition, BCX Gold has a six month period, reckoned from 19 July 2013, within which to make an offer to acquire all the remaining Gold One shares. Should BCX Gold elect to make an offer to minorities, it must prepare a compulsory acquisition notice informing the holders of Gold One ordinary shares that it is entitled to acquire their shares and of the compulsory acquisition procedure. The notice must include an expert’s report on the consideration to be offered. The holders of Gold One shares covered by a compulsory acquisition notice may apply to Court for an order that their shares not be compulsorily acquired. The Court may order that the shares not be compulsorily acquired only if it is satisfied that the consideration is not fair value for the shares.Gold One is a dual listed mid-tier mining group with gold operations and gold and uranium prospects across Southern Africa, and is focused on developing and mining low technical risk, high margin precious metal resources in diversified jurisdictions. The company’s flagship Modder East gold mine, commissioned in 2009.