Orecorp falls as Perseus Mining buys 20% stake to block Silvercorp bid

Orecorp

27/11/2023 03:10

** Shares of Australia's Orecorp Ltd  ORR.AX  fall as much
as 13.2% to A$0.460, posting their biggest intraday percentage
fall since Aug. 22, 2022
    ** Stock hits its lowest level since Nov. 16
    ** Australian gold explorer Perseus Mining  PRU.AX  acquires
a 19.9% stake in ORR
    ** PRU says it will vote against Canada's Silvercorp Metals'
 SVM.TO  A$254.9 mln ($165.89 mln) bid to acquire ORR 
    ** ORR considering PRU's statement
    ** PRU shares climb as much as 2.6% to A$1.770
    ** About 48.1 mln ORR shares change hands, vs the 30-day
average of 1.6 mln
    ** ORR up ~14% YTD as of last close


($1 = 1.5366 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))