Australia's Athena on track for best day in 7 months on takeover bid

Athena Resources

15/06/2023 03:28

** Shares of Athena Resources Ltd  AHN.AX  rise as much as
75% to A$0.007, on track for best day since Nov 16, 2022, if
gains hold 
    ** The mineral explorer receives a letter from Adroit
Capital Investments Pty Ltd expressing intention to make a 
proportional off-market takeover bid for co
    ** Co's shares hit highest level since Feb 27
    ** Under takeover bid, Adroit Capital to acquire 1 of every
5 Athena shares that Adroit Capital does not already hold for
A$0.006 per share
    ** The offer is at a premium of 50% to stock's last close  
    ** Co advises Athena security holders take no action in
relation to the offer 
    ** About 38.3 mln shares change hands, compared with 30-day
average trading volume of 1.6 mln shares 
    ** Co shares down 55.6% YTD, as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))