Legend lifts North Australian cash offer

North Australian Diamonds has urged its shareholders to take no action on a sweetened takeover cash offer from Legend International Holdings.

Legend today announced it will increase its cash offer for each North Australian share from 1.2 cents to 1.5 cents, lifting the value of the offer from $23.8 million to nearly $30 million.

Legend said its offer of 1.5 cent is final.

Shares in North Australia closed up 0.3 cents or 25 per cent to 1.5c today.

Legend has also extended its offer to July 24.

North Australian directors have recommended its shareholders take no action on the offer, saying it will review the increased offer and make a recommendation in due course.

In October last year, Legend boss Joe Gutnick was appointed executive chairman and managing director of North Australian.

Legend primarily holds phosphate projects in Queensland while North Australian's flagship asset is the Merlin diamond project in the Northern Territory.