Australia

Alto Metals issues statement recommending rejection of Middle Islands takeover offer

Alto Metals Ltd (ASX:AME) has issued a Second Supplementary Targets Statement in which the companys Board of Directors unanimously recommends that shareholders reject the unsolicited takeover offer by Middle Island Resources Ltd (ASX:MDI)

Alto Chairman Terry Wheeler said: “In the last few days you will have received a SEVENTH Supplementary Bidders Statement from Middle Islands Resources Limited, which, amongst other things, extends MDI's unsolicited, off-market, all-scrip takeover offer of 6 MDI ordinary fully paid shares for every 1 Alto share issued as part of Altos shortfall placement, which were issued on 13 May 2019.

“My advice to you as Chairman of AME and as a significant AME Shareholder in my own right and supported by the whole AME board hasnt changed nor been influenced by any of the statements contained in MDIs latest documents.

“We continue to unanimously recommend that you REJECT the Offer by simply ignoring all correspondence you receive from MDI.”

Middle island offer fails to gain traction

Notwithstanding MDIs numerous communications with AME shareholders since the offer was announced on March 1 2019 (more than 7 months ago), the level of acceptances by AME's shareholders remains negligible, evidenced by MDI's disclosures regarding its Relevant Interest in AME's shares, as dRead More – Source

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