Northern Star has taken control of Echo Resources and appointed directors to the board of its fellow West Australian goldminer after taking its stake past 50 per cent.
Already Echo’s largest shareholder, Northern Star in August launched a $242.6 million takeover offer and, after waiving all bid conditions last month, now has a 59.3 per cent interest through acquisitions and acceptances.
Echo managing director Victor Rajasooriar and all but one of the previous directors have left, while John Zimmerman has been appointed interim chief executive and Northern Star’s chief financial officer and legal counsel have been installed on the board.
AAP
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