GOR+9.4%: has entered into a scheme implementation deed with South-African gold mining major Gold Fields to obtain 100% of GOR shares on issue.
Shareholders will receive a fixed cash payment of $2.52 per share, reduced by any declared special dividend. In addition, there is a variable cash component tied to Gold Road’s interest in Northern Star (NST) via its shareholding in De Grey Mining (DEG), currently subject of a take over by Northern Star – valued at $0.88 per share as of 2 May 2025 bringing the total implied value to $3.40 per share.
The total offer represents a 43% premium to Gold Road’s undisturbed share price as at 24 Marc 2025 with the GOR board unanimously recommending shareholders vote in favour of the deal.
- With so many moving parts here involving transactions between GOR, NST, DEG and Gold Fields, we’d prefer to watch this one play out from the sidelines.
MM is neutral GOR
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