Blumont says Genesis directors recommend its shareholders reject takeover offer

SINGAPORE - Mainboard-listed Blumont Group said on Wednesday that the directors of Genesis Resources (GES) have recommended on March 3, 2015, that the shareholders of the Australia-listed miner reject its takeover offer.

Blumont added that the directors of GES have also stated that they do not intend to accept the offer in respect of the GES shares that they own, which amounted to approximately 2.42 per cent of the total number of GES shares as at March 3.

Notwitstanding this, Blumont said its proposed takeover bid continues and the offer is now scheduled to close at 5.00 pm (Melbourne time) on March 23, 2015, unless further extended or withdrawn.

The Singapore company launched its off-market takeover bid for GES in January last year. The offer, originally to end on Sept 24 last year, had been earlier extended to Feb 13 this year for Blumont to seek approval from its shareholders on the proposed allotment and issue of the consideration shares.

GES has a portfolio of gold, iron, manganese, uranium and base metal (copper-zinc-silver) in northern and central Australia, holding seven exploration licences over an area of 1,136 sq km.