The formal details of a proposed share takeover of Goldlink GrowthPlus have yet to materialise a week after it was made known to the market.
Tidewater Investments originally advised the market on November 20 that it would offer three of its shares for every 14 GrowthPlus shares.
According to GrowthPlus chairman Mark Smith, the company has not received Tidewater's proposed offer and bidder statement.
"The directors of Goldlink GrowthPlus, who are not associated with Tidewater, are not yet in a position to make a formal recommendation to shareholders," Smith said.
Two GrowthPlus board members, Andrew Brown and Clare Porta, are associated with Tidewater and will not participate in the consideration of the offer, if it does materialise.
Tidewater, through its wholly owned subsidiary, Discount Assets Limited, currently holds an 8.1 per cent interest in GrowthPlus voting shares.
Goldlink GrowthPlus is part of the GoldLink group, set up in 1998, which developed a strategy of direct investment in resources through royalties and equity investment.
GrowthPlus was launched in mid-2005 and looked to provide capital growth over the medium- to long-term. It listed on the ASX in August 2005 after an oversubscribed $30 million IPO.
Earlier this year the group had to liquidate its investment portfolio, after the manager failed to retain the portfolio's value, resulting in a net loss of around $31 million.
