Fitzroy to take control of Royalco

ASX-listed Fitzroy River Corporation has will start the compulsory acquisition of the remaining shares in fellow-listed Royalco Resources, after gaining a 90% stake in the junior takeover target.

Fitzroy in November last year launched a 24c a share cash offer for each Royalco share not already owned by the company, valuing the takeover target at around A$12.65-million.