Directors Recommendation
06 Dezembro 2007 - 5:00AM
UK Regulatory
RNS Number:2985J
Consolidated Minerals Limited
06 December 2007
ASX / AIM Release 6 December 2007
INCREASED PALMARY OFFER AND DIRECTORS' RECOMMENDATION
The Board of Consolidated Minerals Limited (ASX: CSM, AIM: CNM, FSE: CMN)
welcomes the recent announcement by Palmary Enterprises (Australia) Pty Limited
(Palmary) increasing its offer to $5.00 per CSM share and provides the following
update:
Palmary's Offer
The Board of CSM notes Palmary's announcement that:
* Palmary intends to increase its offer for CSM shares from $4.70
per CSM share to $5.00 per CSM share;
* the increased offer will constitute Palmary's last and final
offer, save that Palmary may increase its offer price if an alternative or
competing proposal for control of, or for the acquisition of a substantial
interest in, CSM (or all or part of the business, or any significant assets,
of CSM) is made, publicly announced, or publicly foreshadowed or contemplated
by any person; and
* Palmary's offer will be extended as a result of the increase in
consideration until 7.00 pm (Melbourne time) on 20 December 2007, although
Palmary has reserved its right to extend its offer further.
Pallinghurst's Response
The Board of CSM also notes the subsequent announcement by Pallinghurst
Resources Australia Limited (Pallinghurst) that:
* Pallinghurst has accepted Palmary's increased offer for part of
its holding of CSM shares and intends to accept Palmary's increased offer for
all of its remaining and future holdings of CSM shares; and
* Pallinghurst will not voluntarily extend or increase its offer
for CSM shares.
Pallinghurst's offer for CSM shares will therefore close at 7.00pm (Melbourne
time) on 6 December 2007.
Directors' Recommendation
Consequently, the CSM Directors continue to unanimously recommend that CSM
shareholders ACCEPT Palmary's increased offer, in the absence of a superior
proposal.
Each of the CSM Directors will now initiate their acceptance of Palmary's offer
in respect of 100% of their current holdings in CSM shares, in the absence of a
superior proposal.
Accepting by the closing date of 20 December 2007 will mean shareholders will be
paid by 10 January 2008.
CSM is being advised by JPMorgan and Blake Dawson.
Contact:
Rod Baxter
Managing Director
David Brook
Manager - Corporate Affairs and Investor Relations
Consolidated Minerals Limited
Telephone: (+61 8) 9321 3633
www.consminerals.com.au
The Company's nominated adviser is RFC Corporate Finance Ltd - contact
Stephen Allen +61 8 9480 2507.
This information is provided by RNS
The company news service from the London Stock Exchange
END
OUPIIFIIFFLRIID
Consolidated Minerals (LSE:CNM)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Consolidated Minerals (LSE:CNM)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
Notícias em tempo-real sobre Consol.Minerals da Bolsa de Valores de Londres bolsa de valores: 0 artigos recentes
Mais Notícias de Consolidated Mineral