IGIC Pte Ltd made an offer to acquire remaining 90.8% stake in Azumah Resources Limited (ASX:AZM) from Caitlyn Limited and others for AUD 24.9 million on September 13, 2019. IGIC Pte Ltd will pay AUD 0.028 per Azumah share in cash. IGIC Pte Ltd currently holds 90.2 million share of Azumah representing 9.21% stake. As of October 28, 2019, IGIC Pte Ltd will pay AUD 0.033 per Azumah share in cash. IGIC Pte Ltd has legally binding equity commitments from its investors to provide to IGIC Pte Ltd on demand the aggregate amount of approximately AUD 28.4 million, being the maximum amount that IGIC Pte Ltd could be required to pay under the offer, plus IGIC Pte Ltd anticipated transaction costs. If IGIC Pte Ltd have relevant interests of at least 90% of the Azumah shares during, or at the end of, the offer Period, IGIC Pte Ltd will give a notice of compulsory acquisition to all outstanding Azumah shareholders. In this case Azumah will be removed from the official list of the ASX. Azumah Board members and Chief Executive Officer will be replaced by nominees of IGIC Pte Ltd. The present employees of Azumah will continue to be employed by Azumah. As of January 14, 2020, Ibaera has a relevant interest in 88.85% of Azumah’s shares and is able to control the composition of the AZM Board and pass any resolution of Azumah shareholders on which it is eligible to vote. As of 17 January 2020, Ibaera has a relevant interest in 89.29% of Azumah shares and is able to control the composition of the Company’s Board and pass any resolution of Azumah shareholders on which it is eligible to vote. As of January 30, 2020, IGIC Pte Ltd has increased its stake to 89.61% and is within 0.4% of being able to compulsorily acquire remaining shares in Azumah. Once Ibaera acquires a relevant interest of 90% or more in Azumah shares it intends to proceed with compulsory acquisition of all remaining Azumah shares. Ibaera has stated that it intends to proceed to compulsory acquisition of the outstanding Azumah shares if it acquires 90% or more of the Azumah shares. Ibaera has indicated in section 6.3(a) of its Bidder’s Statement that it may seek permission from ASX to remove Azumah from the official list of the ASX even if Ibaera is not entitled to proceed to compulsory acquisition. The offer is unconditional. Given the Azumah Board has not, within the timeframe requested, indicated whether it will accept or reject IGIC Pte Ltd's proposals, IGIC made the offer directly to Azumah shareholders. The Board of Azumah advises shareholders to take no action in relation to the unsolicited offer until the Board has had the opportunity to consider and make a formal recommendation regarding the unsolicited offer. As on September 20, 2019, the earliest the offer can open is October 2, 2019 and will be open for acceptances for at least a month. As of October 2, 2019, offer will commence from October 3, 2019 to November 4, 2019. As of October 28, 2019, Ibaera has declared the increased offer to be its last and final offer for Azumah ordinary shares. The Directors of Azumah unanimously recommend shareholders accept the increased offer in the absence of any superior proposal. Each of the Azumah Directors who hold or control Azumah shares intend to accept the Increased Offer in relation to those shares in the absence of a superior proposal. Azumah shareholders who may have previously accepted the offer are also entitled to receive the increased Offer consideration of 0.033 cents per share, not 0.0028 cents. Shareholders who may have sold their Azumah shares on-market during the Offer period will not receive any further consideration in respect to their Azumah shares. The increased offer is now scheduled to close on December 3, 2019. As per the update dated November 28, 2019, the offer will close on December 17, 2019. As per the update dated December 17, 2019, the offer will close on January 17, 2020. As per the update dated January 20, 2020, the offer will close on February 7, 2020. As of February 5, 2020, IGIC Pte Ltd acquired total 90.03% stake in Azumah Resources Limited. IGIC now intends to compulsorily acquire all remaining Azumah shares. IGIC will now proceed to exercise its right to compulsorily acquire all Azumah shares that it does not have a relevant interest in under the compulsory acquisition. The compulsory acquisition will be at the same price as the tender offer. Azumah shareholders who have not accepted Ibaera’s Offer may still do so up to February 7, 2020. ASX will suspend quotation of Azumah shares in five business days after the date of submission of the compulsory acquisition notice. Once suspended, ASX will remove Azumah from the official list on a date to be determined. Herbert Smith Freehills acted as legal adviser, Treadstone Resource Partners acted as financial adviser and Computershare Investor Services Pty Limited acted as registrar for IGIC Pte Ltd in the offer. Azumah has appointed Azure Capital as corporate adviser in relation to the offer. Azure Capital Pty Ltd. acted as a financial advisor and Corrs Chambers Westgarth acted as a legal advisor to Azumah. IGIC Pte Ltd completed the acquisition of remaining 90.8% stake in Azumah Resources Limited (ASX:AZM) from Caitlyn Limited and others on February 7, 2020. On February 7, 2020 IGIC Pte Ltd has acquired 93.69% stake in Azumah and intends to compulsorily acquire the remaining shares.