Australia:

Geodynamics Extends Offer for KUTh Energy, at 57% (Proactive Investors Australia)

Geodynamics has extended its takeover offer for fellow geothermal company KUTh Energy after crossing the 50% acceptance mark on 30 October 2013.

Since then, it has increased its interest to 57.62% representing 84,080,309 shares in KUTh.

KUTh’s directors support Geodynamics’ bid of one share for every five-and-a-half KUTh shares and have lodged Bid Acceptance documents for their stakes.

The deal will deliver Geodynamics a portfolio of geothermal energy projects and prospects held by KUTh Energy in the Pacific Islands.