Independent directors of GoldLink GrowthPlus (GLC) have advised shareholders not to take action following Tidewater Investment's (Tidewater) change to its off-market takeover bid.
Late last week Tidewater announced to the market it had increased its relevant interest in GLC shares from 12.73 per cent to 13.79 per cent.
The increase occurred as a result of the company making on-market purchases for cash consideration after December 4 when the bidder's statement was lodged with ASIC and served on GLC.
"The directors have not made a recommendation on the bid. Pending receipt of the target's statement form the directors, shareholders are advised to take no action in relation to Tidewater's takeover bid at this stage," GoldLink GrowthPlus independent directors said.
Minter Ellison is the legal adviser to GLC on the takeover bid. WHK Horwath Corporate Finance has been appointed to prepare an independent expert's report which will be included in GLC's target statement.
Tidewater originally advised the market on November 20 that it would offer three of its shares for every 14 GrowthPlus shares.
The company, through its wholly-owned subsidiary, Discount Assets, currently holds an 8.1 per cent interest in GrowthPlus voting shares.
