Tietto Minerals Ltd (ASX:TIE)

The off-market takeover offer by Zhaojin Capital (Hong Kong) Limited for all remaining Tietto shares closed on May 14, 2024. As of that date, Zhaojin held 90.72% of Tietto's voting power and will proceed with the compulsory acquisition of the remaining shares at $0.68 per share. The ASX will suspend Tietto shares' quotation five business days after receiving the Compulsory Acquisition Notice, on May 31, 2024. Shareholders who accepted the offer by May 3, 2024, have already received payment, while those who accepted after will receive their cheques dispatched today. Additionally, Tietto has withdrawn Resolutions 2 through 7 from its Annual General Meeting agenda, following discussions with Zhaojin about the company's future board structure. Resolutions pertained to the election of directors, fee increases for non-executive directors, and other incentive plans. The withdrawal of these resolutions will not affect the validity of proxy votes already submitted. Read the full ASX announcement here: https://lnkd.in/gzi5kDQD #TIE #Tietto

The off-market takeover offer made by Zhaojin Capital for all of the issued shares in Tietto that Zhaojin does not already own is scheduled to close at 7.00pm (Sydney time) on 14 May 2024 (unless further extended). Zhaojin’s Offer price of $0.68 per share has been declared best and final and cannot be increased, and the Offer is now unconditional. As at 10 May 2024, Zhaojin had voting power of approximately 80.01% of Tietto. Tietto Directors consider that the risks associated with continuing to hold Tietto shares outweigh the advantages, and urge Tietto shareholders to either: - 𝗔𝗖𝗖𝗘𝗣𝗧 into the Offer; or - otherwise sell their Tietto shares on the ASX if the prevailing market price is not materially different to the Offer price, without delay and in any event before the Offer closes in order to receive a certain cash price for their Tietto shares and avoid the risks associated with being a minority shareholder in Tietto. In particular, whilst Zhaojin has stated an intention to maintain Tietto’s listing on ASX (subject to Tietto's continued compliance with the ASX Listing Rules) should it not be entitled to proceed to compulsory acquisition of the remaining Tietto shares on issue, there is a risk that Tietto may fail to meet the requirements of ASX to remain a listed entity given that Zhaojin’s voting power in Tietto is now approaching 80%. Further, even if Tietto remains listed on ASX, the liquidity of Tietto shares on ASX is likely to be materially adversely affected by the level of Zhaojin’s ownership interest in Tietto.

Zhaojin Capital has received sufficient acceptances totalling 74.85% for its off-market takeover offer for all of the issued shares in Tietto that Zhaojin does not already own to be able to control the composition of the Tietto Board.  Consequently, Tietto Directors now recommend accepting the takeover offer at $0.68/share or selling shares on-market if prices align. Read the full ASX Announcement here: https://bit.ly/3QByed8 #TIE #Tietto #miningnews #ASXNews

We've released our Fourth Supplementary Target’s Statement in response to the unsolicited conditional off-market takeover bid by Zhaojin Capital (Hong Kong) Limited for all fully paid ordinary shares in Tietto not already owned by Zhaojin Capital. As set out in the 30 April 2024 Announcement, the Directors now consider that the risks associated with continuing to hold Tietto Shares outweigh the advantages of continuing to hold Tietto Shares, and now urge Tietto Shareholders to consider either ACCEPTING into the Offer, or otherwise selling their Tietto Shares on the ASX if the prevailing market price is not materially different to the Offer Price, without delay. Read the full ASX Announcement here: https://lnkd.in/gyphNr4Y #TIE #Tietto #ASX #ASXNews

Tietto's Directors have updated their recommendation regarding the takeover offer by Zhaojin Capital, and now recommend accepting the offer. The Board continues to believe the offer undervalued the company and was timed opportunistically. However, with Zhaojin now holding 42.51% of Tietto’s shares and the offer price increased to $0.68 per share, the Directors now unanimously urge shareholders to consider ACCEPTING into Zhaojin’s Offer, or selling their shares on-market if the prevailing market price is not materially different to the Offer price, without delay.   Read the full ASX Announcement here: https://lnkd.in/gSPajK7U

"Tietto Minerals has notched up another quarterly production record at its Abujar gold mine in Côte d’Ivoire on Africa’s west coast, delivering 37,111 ounces – an increase of more than four per cent from the previous quarter." Media coverage by The West Australian https://lnkd.in/giUK7gt8 #TIE #Tietto #gold #ASX #ASXnews

We've released our third Supplementary Target’s Statement in response to the unsolicited conditional off-market takeover bid by Zhaojin Capital (Hong Kong) Limited for all fully paid ordinary shares in Tietto not already owned by Zhaojin Capital. Our Board unanimously advises security holders to 𝗥𝗘𝗝𝗘𝗖𝗧 𝗧𝗛𝗘 𝗢𝗙𝗙𝗘𝗥. Read the full ASX Announcement here: https://lnkd.in/etWe7hQp #TIE #Tietto #ASX #ASXNews

We've achieved a new quarterly record with 37,111 ounces of gold produced at our Abujar Gold Project in the first quarter of 2024. We've sold a total of 39,175 ounces of gold during the quarter at an average price of US$2,054 per ounce. Operational capacity saw significant enhancements, with 12.3 million tonnes of material mined, marking a 14% increase from the previous record set in the fourth quarter of 2023. The milling rate also increased to 410,000 tonnes per month, up from an average of 381,000 tonnes over the previous six months. Financially, we reported strong figures with cash and equivalents, including bullion and VAT receivables, totalling US$56.8 million as of March 31, 2024. In line with its financial strategy, we repaid $10.3 million in principal debt during the quarter, advancing towards a debt-free status. These results demonstrate our strong operating margins and cash flow generation, which have facilitated further operational investments and established a foundation for continued growth and operational efficiency. Managing Director and CEO Matthew Wilcox said: “Steadily improving milling rates enabled Tietto to reach record quarterly production of 37,111 oz gold, which is anticipated to improve further in Q2 2024 through measures to reduce mining dilution and increase mill head-grade with a specific focus on blasting techniques. We commenced work on the crushing circuit upgrade which is anticipated to enable Tietto to increase quarterly mill throughput from a total of 1.2 million tonnes to approximately 1.4 million tonnes per quarter (5.5 million tonnes annually) towards the end of 2024. Tietto ended the March Quarter with A$88.8 million (unaudited) of cash, bullion and VAT receivable following further debt repayments of A$10.3 million, payment of four months mining, fuel and blasting and increasing mining rates to build our stockpile for a full quarter of milling. After additional debt payments of A$10.0 million we will be debt free next month. Abujar is now generating very strong cashflow, and benefiting highly from the record gold prices, as we achieve full production at Abujar following substantial and continuing improvements across mining, milling and production. The team is now focussing on operating cost reductions through operating efficiencies as the team gains more experience with Abujar. Tietto Directors will consider an interim dividend following the conclusion of Q2 2024 and after having regard to any capital expenditure requirements following completion of a reserve statement at APG.” Read the full ASX Announcement here: https://lnkd.in/gsyPdyyV #TIE #Tietto #gold #quarterly #quarterlyresults #asx #asxnews

We wish to advise shareholders to 𝗧𝗔𝗞𝗘 𝗡𝗢 𝗔𝗖𝗧𝗜𝗢𝗡 regarding the revised unsolicited takeover offer received from Zhaojin Capital (Hong Kong) Limited. This includes the Revised Unsolicited Offer or any other documents that shareholders may receive from Zhaojin. Tietto's Board will evaluate Zhaojin’s Revised Unsolicited Offer and provide an updated recommendation to shareholders.   We note that the Revised Unsolicited Offer price of A$0.68 per Share remains below the valuation range of A$0.79 – A$0.93 per Share determined by Grant Thornton Corporate Finance Pty Ltd, the independent expert appointed to give an independent opinion on the Unsolicited Offer as part of our target’s statement dated 27 November 2023. The Tietto Board further notes that the spot gold price has increased materially since that valuation was conducted.   Read the full ASX Announcement here: https://bit.ly/3UeIAlw #TIE #Tietto #ASX #ASXnews

🗞️Record quarter for Tietto | Media coverage by Business News WA. https://lnkd.in/gFxHWE8C #gold #TIE #ASX #ASXnews #tietto #goldproduction