Australia's Fitzroy River rises on Royalco shareholder approval for stake hike

Fitzroy River

20/12/2019 02:30

** Shares of Fitzroy River Corp Ltd  FZR.AX  rise as much as
12.1% to A$0.185, marking their biggest intraday pct gain since
August 2018
    ** Oil and gas investment holding co gets approval from
Royalco Resources  RCO.AX  shareholders to raise its stake to
93.9% under a takeover offer  urn:newsml:reuters.com:*:nGLF7QHhyL
    ** FZR, which already owns 46.76% of Royalco, offered to buy
the remaining stake in co for about A$6.61 mln ($4.55
mln) urn:newsml:reuters.com:*:nL4N27U0ZM
    ** Stock hits its highest level since Sept.5
    ** Over 110,000 shares change hands, compared with the
30-day avg of about 53,000 shares
    ** Stock down 10.8% this year, as of last close
($1 = 1.4514 Australian dollars)

 (Reporting by Shreya D in Bengaluru)
 ((Shreya.D@thomsonreuters.com))