LONDON--DMCI Mining, a subsidiary of Phillipines-based
industrial group DMCI Holdings Inc. (DMC.PH), Friday increased its
stake in Toledo Mining Corporation PLC (TMC.LN) from 17.0% to 37.7%
and said it will make a mandatory cash offer to acquire all the
Toledo stock it doesn't already own.
MAIN FACTS:
-Raised its stake by buying the 20.7% stake owned by Jason
Cropper at 50 pence per share
-Offer will comprise 50 pence in cash for each Toledo share
valuing the whole of Toledo's existing issued share capital at
GBP24.9 million
-Represents a premium of 66% to 30 pence, the volume weighted
average price for prior three months, and 61% to 31 pence, the
closing mid-market price on Feb. 14
-Toledo shares closed Friday at 30 pence valuing the company at
GBP15 million.
-Write to Ed Ballard at ed.ballard@dowjones.com
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