Pacific Mining Ltd shareholder P B White Minerals Pty. Ltd. upped its stake in the former to 90.87%, triggering the compulsory acquisition process of the company.
The shareholder has plans to purchase the remaining 9.13% of Pacific Mining's ordinary shares at a price of 60 Australian cents apiece.
Following the compulsory acquisition notices being sent to the holders of the remaining shares, the Australian stock exchange is expected to halt the quotation of Pacific Mining's shares and to temporarily move it out of its official list.
Privately owned P B White acted together with Whitefam Investments Pty. Ltd. and Australian Industrial Sands Pty. Ltd., entities owned by the White family, according to a release.
Based in New South Wales, Pacific Mining has businesses in the commercial real estate sector, on top of being an investor in Australia's mining industry.
