Gold Road (GOR AU): 22th September Vote On Gold Fields' Offer

• After rejecting an approach on the 24th March, on the 5th May, Gold Road Resources (GOR AU) entered into a Scheme with Gold Fields Ltd (GFI SJ) after terms were bumped.

• GFI offered $2.52/share, cash, plus a variable cash component of ~A$0.88 (now worth ~A$0.77/share) via GOR's indirect stake in Northern Star Resources (NST AU). This includes any fully franked dividend.

• The Scheme Booklet is now out, with a shareholder vote on the 22nd September. The IE (Deloitte) says fair & reasonable. It is.

The Trade:

• Clean deal.

• Trading super tight at ~1.1%/7.1% gross/annualised spread, based on NST's last traded price.

• More bang for your buck for those who can take advantage of the franking credits.

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The NEW News

• The Scheme Booklet is out.

  • The Scheme Meeting is the 22nd September. With expected payment on the 13th October. Or 161 days all-in.

• The IE's (Deloitte) report starts on page 117 (of the PDF) and runs for a massive 286 pages. This is a great read for anyone looking to understand, not just the deal, but GOR's ops/industry.