Blumont Group Ltd. (SGX:A33) executed a takeover bid implementation deed to acquire Genesis Resources Limited (ASX:GES) from a group of shareholders for SGD 31.2 million in stock on January 24, 2014. The group of shareholders includes Bluekebble Pty Ltd, Clancy Exploration Ltd., Indigo Pearl Capital Ltd, Greenvale Asia Limited, Cartier Peaks Investments Ltd, China Century Overseas Ltd, RHB Capital Bhd, Banking & Securities Investments, Polarity B Pty Ltd, Vermar Pty Ltd, Inner Ivory Investments Inc and others. Blumont Group will offer 5.3 Blumont shares, up to a maximum of 509.5 new shares, for every 2 Genesis shares currently on issue and Genesis shares that are issued under the placement announced on January 23, 2014 and that are issued upon exercise of an option during the bid period. 26.54 million new shares in Genesis Resources would be issued upon the exercise of Genesis Resources options and 11.76 new shares would be issued upon the completion of the placement. Genesis Resources will pay a break fee of AUD 0.05 million (SGD 0.06 million). Blumont intends to retain the present employees of Genesis. Blumont intends to proceed with the compulsory acquisition of any Genesis shares not acquired under the offer which Blumont is entitled to compulsorily acquire under the corporations act. Blumont will seek to appoint to the Board of Directors of Genesis its nominees, so that it has, at least, a majority of nominees on the Board of Directors of Genesis. The Genesis takeover bid is accepted by all Genesis shareholders.

The deal is subject to conditions including 50.1% minimum acceptance condition, approval by Blumont shareholders of the takeover, approval by the shareholders of Genesis Resources, approvals by government agencies in the Republic of Macedonia and Australia, approval of SGX-ST for the listing and quotation of the consideration shares to be issued as consideration and continuity of Genesis' interest in the Plavica project. Genesis' Directors intend to recommend that all Genesis shareholders accept the takeover offer and have undertaken to accept the offer for their own shares in the absence of a superior proposal. As on February 10, 2015 as a result of the extension of the Offer Period, the new date for giving notice on the status of the conditions is 13 March 2015.

The offer period will start on March 24, 2014 and end on September 24, 2014. On March 21, 2014, the offer was unanimously recommended by the Board of Directors of Genesis Resources and recommended the shareholders to take no action. If Blumont acquires 100% stake in Genesis Resouces, it intends to proceed with the compulsory acquisition of shares not acquired under the offer and intends to arrange for a delisting of Genesis shares from ASX. As of April 4, 2014, the first supplementary bidder's statement was issued. Blumont does not waive any non-satisfaction of the condition which required Genesis to submit to the Plavica JV Partner the final feasibility study in respect of Plavica concession.

As on April 9, 2014, Australian Securities and Investments Commission has granted Genesis relief to extend the deadline by which Genesis must send its target's statement to its shareholders from April 10, 2014 to April 24, 2014. On April 22, 2014, Blumont increased the offer consideration to 9.5 Blumont shares for every 2 Genesis shares. Genesis has agreed that it will not exercise any right of termination any time prior to the date of the second supplementary bidder's statement dated April 22, 2014. The second supplementary bidder's statement has been unanimously approved by the Directors of Blumont. Blumont issued third supplementary bidder's statement as per which the Plavica concessions condition has been fulfilled. As on August 18, 2014, James Hong Gee Ho will be unable to carry out his duties as an Executive Director of Blumont, and Blumont re-designated Ng Kim Huatt as an Executive Director of Blumont with effect from July 19, 2014.

Blumont Group Ltd. announced that it has extended the offer period under its takeover bid until February 13, 2015. As on September 19, 2014, Genesis announced to the ASX that it had issued 24.86 million ordinary shares. The shares of Genesis constitute approximately 13.04% of all Genesis shares currently on issue. Shortly after the issue was made, Blumont made an application to ASIC to extend its takeover bid to these new shares. ASIC has now approved that application and the bid will, therefore, now extend to the new shares of Genesis. As a result of the extension of the bid to the new shares of Genesis, if the bid is accepted by all shareholders of Genesis, the maximum number of Blumont shares that will be issued under the bid will now be 905.47 million. Blumont notes that the Merlin Directors have not withdrawn their recommendation of the takeover bid which is currently scheduled to close on February 13, 2015.

As on October 29, 2014, Blumont Group issued its seventh supplementary bidder's statement. Blumont Group has extended the offer for additional 24.86 million new shares of Genesis Resources, issued to ONG Kar Ghee. As on January 5, 2015, Blumont has made application to ASIC to withdraw the offer. The offer will lapse on February 13, 2015. As on January 16, 2015, ASIC granted Blumont for the withdrawal of Merlin takeover Bid. The effect of the withdrawal of the Merlin Takeover Bid is that no acceptances of the Merlin Takeover Bid will be processed by Blumont and no Blumont Shares will be issued to any Merlin Shareholders in connection with the Merlin Takeover Bid. As on February 5, 2015, the offer period has been extended to March 23, 2015. As of February 17, 2015, it was annouced that the transaction has been approved by SGX-ST. As of February 24, 2015, Blumont received the approval in-principle from the SGX-ST for the listing and quotation of the Blumont shares to be issued as the offer consideration. As on March 6, 2015, Blumont Group issued its thirteenth supplementary bidder's statement. As per the thirteenth supplementary bidder's statement, the Directors of Blumont Group recommend that Genesis shareholders to accept the offer. As of March 13, 2015, offer has become unconditional. As on March 12, 2015, the transaction was approved b the shareholders of Blumont Group Ltd. As of March 13, 2015, Blumont Group has waived all conditions to its off-market takeover bid. HWL Ebsworth acted as legal advisor to Genesis' Directors. Karen TING and Wrisney TAN of August Consulting Pte Ltd acted as public relation advisor for Blumont. Holding Redlich acted as legal advisor for Blumont Group and will be paid a fee of AUD 0.15 million (SGD 0.17 million). Syd Jenkins of Moore Stephens Perth Corporate Services Pty Ltd acted as accountant for Blumont Group and will be paid a fee of AUD 0.06 million (SGD 0.06 million). Computershare Investor Services Pty Limited acted as the transfer agent to Blumont. The conversions are done through www.oanda.com.