7 May 1998: The Australian industrial minerals company Gwalia Consolidated and Sons of Gwalia will merge to create the biggest mining group in Western Australia.
Under the agreement approved by shar…
7 May 1998: The Australian industrial minerals company Gwalia Consolidated and Sons of Gwalia will merge to create the biggest mining group in Western Australia. Under the agreement approved by shareholders on 23 April 1998, Gwalia Consolidated shareholders will get two Sons of Gwalia shares and A$ 0.70 in cash for every seven Gwalia Consolidated shares. The market has welcomed the move and Gwalia stock has increased by A$ 0.2 to close at A$ 1.48, while Sons of Gwalia“s shares rose by A$ 0.10 to end at A$ 4.85 on strong turnover. The only objection received at the shareholders“ meeting to approve the merger was from a British investor, who challenged the valuation of assets. However, the merger was reportedly approved with a massive majority.