African Minerals Exploration & Development Fund II Sicar, a fund of African Minerals Exploration & Development Fund SICAR SA made an offer to acquire the remaining 79.63% stake in World Titanium Resources Ltd. from ZTF Investments Pty Ltd and other shareholders for AUD 18.3 million in cash.
As on February 25, 2016, the offer period is extended to March 8, 2016 and the price per share has been increased to AUD 0.07 per share. Fund II has also announced that as at the close of trading on March 4, 2016 it has an interest in approximately 58.41% of World Titanium 's Shares and hence is in a position to control World Titanium. The offer closing date has been extended to the close of trading on the ASX on March 18, 2016. As reported on March 7, 2016, the Board of World Titanium recommended the shareholders to accept the offer on March 18, 2016. As of March 29, 2016, ZTF Investments Pty Ltd sold its stake. Pershing Securities Australia Pty Ltd. and APP Securities Pty Limited acted as the brokers to African Minerals Exploration and Bennett & Co acted as the legal advisor to World Titanium Resources. Baker & McKenzie acted as legal advisor to World Titanium.