Authorised Investment Fund Ltd. (ASX:AIY) made an offer to acquire Encounter Minerals Pty Ltd for approximately AUD 7 million on March 1, 2019. Under the terms of the offer, Authorised Investment Fund Ltd has the election to issue 5871 shares for every 1 share of Encounter for AUD 0.30 per share or can pay cash consideration of AUD 1761 per share for every 1 share of Encounter. Authorised Investment Fund agreed to acquire 3974 shares of Encouter. If the consideration is to be paid by issuing consideration shares then it is to be paid within 10 days of the precedent conditions being fulfilled. If the consideration is to be paid in cash, then it is to be paid 1 month after the offer is accepted or 14 days after the closing date, whichever is earlier. The transaction is subject to due diligence on Encounter and its assets, subject to approval by the Australian Stock Exchange for issue of its share consideration, subject to approval by the Board of the Pooled Development Funds, for offering scrip consideration to acquire all shares of Encounter. Procurement by the directors of Encounter, the waiver of the preemption rights by the existing shareholders no later than April 1, 2019. The Directors of Encounter need to provide to Authorised Investment Fund a written undertaking not to exercise their veto power no later than April 1, 2019. The transaction is subject to minimum acceptance of at least 90% of the shares tendered no later than May 10, 2019. The transaction will commence from March 1, 2019 and will close on May 10, 2019.