Australia

Alto Metals’ recent new shareholder builds stake

Alto Metals Ltd (ASX:AME) has had substantial shareholder Harvest Lane Asset Management increase its shareholding from 6.34% to 7.46%.

The special situations investment manager is focused on selecting high-return and/or low-risk opportunities arising from takeover and corporate activity.

Harvest Lane became a substantial shareholder in Alto on 27 February 2020 and has been actively acquiring stock over the past month.

Recent takeover offer speaks to value of Sandstone Gold Project

Alto received a takeover offer during February 2020 from Goldsea Australia Mining Pty Ltd, an Australian subsidiary wholly owned by Shandong Goldsea Group Co. Ltd.

On 24 March 2020, Goldsea lodged its bidder's statement confirming its intention to make an off-market takeover offer to acquire all Alto shares for 6.5 cents each in cash.

The bidder's statement also detailed a new separate cash offer for all Alto options.

The offer is subject to conditions, including due diligence, a 90%Read More – Source