Ramelius Resources

Recommended takeover of Apollo Consolidated for A$181m

December 2021

On 18 October 2021, Ramelius Resources Limited (“Ramelius”), an ASX listed mid-tier gold producer, announced a recommended off-market takeover offer for Apollo Consolidated Limited (“Apollo”) for $0.56 per Apollo share, comprising $0.34 in cash and 0.1375 Ramelius shares per Apollo share, representing a 36% premium to Apollo’s pre-announcement 10 day volume weighted average price.

Apollo is an ASX listed gold development company focused on the development of its 1.1 million ounce Lake Rebecca Gold Project in Western Australia.

Following a counter offer announced by Gold Road Resources on 21 October 2021, Ramelius revised its offer to $0.62 per Apollo share, comprising $0.34 in cash and 0.1778 Ramelius shares, and made its offer unconditional. The revised offer valued Apollo at A$181 million.

Ramelius successfully acquired a 50% controlling shareholding in Apollo on 12 November 2021 and reached the 90% compulsory acquisition threshold on 3 December 2021.

Azure acted as financial advisor to Ramelius on all aspects of the transaction.