Zijin adds sweetener for Norton
Norton Gold Fields' 2000 min- ority investors are set for a special windfall after the Kalgoorlie gold miner's controlling shareholder beefed up its mop-up takeover bid by 15 per cent.
Yesterday's news Zijin Mining Group would pay 23� a share, up from 20� previously, pushed Norton's stock up 3� to 22.5�.
The takeover remains subject to a Norton shareholder vote on May 21, with target and suitor set to lodge variations to the scheme implementation agreement to reflect the higher bid price.
Norton's independent directors have already recommended the earlier 20� offer, which has also been deemed fair and reasonable by independent expert EY.
Neither Norton nor Zijin, which already owns 82.4 per cent of the Perth-based target, explained the reason for the increased bid price.
But the parties will hope it is sufficient to garner the support of 50 per cent of voting shareholders and 75 per cent of the votes cast at next month's meeting.
Most of Norton's remaining shareholders own fewer than 100,000 shares each, worth $22,500 at last night's close.
The gold price has eased since Zijin announced its intention to mop up Norton minorities in January.
But the performance of Norton's Paddington operation has exceeded budgets, with the target on track to produce between 182,000 ounces and 190,000oz this year at cash costs in the $870/oz to $902/oz range.
