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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ggg Resources | LSE:GGG | London | Ordinary Share | GB00B4KDJB03 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.875 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGGG GGG Resources plc (the "Company" or "GGG") 21 March 2011 GGG's Intention to make a Takeover Offer The Board of GGG notes the announcement made by Auzex Resources Limited ("Auzex") on 16 March 2011 which outlined the Auzex directors' initial response to GGG's intention to make a takeover offer. GGG wishes to highlight the following. Offer involves a significant premium to Auzex shareholders As stated in GGG's announcement on 16 March 2011, the proposed Offer represents a 39.3% premium to Auzex's closing price on ASX on 11 March 2011 (the last trading day prior to the date of the announcement) and a 21.2% premium using one month VWAP's for GGG and Auzex respectively and a 10.7% premium using three month VWAP's for GGG and Auzex respectively. Based on the above, Auzex shareholders are being offered a significant premium to create a combined group. On a fully diluted basis, the combined group will have former Auzex shareholders holding 49.15%1 of GGG, thereby creating a virtually equal merger of interests. Correction on status of the project manager The management of the Bullabulling Joint Venture is governed through a Joint Venture Committee with both GGG and Auzex having equal representation. Auzex is not the project manager, as they stated in their announcement, and has no rights to represent that it is the project manager. Clarification of ASX listing Auzex has significantly hindered GGG's process to list on ASX. The capital raising conducted in connection with GGG's proposed listing on ASX was successfully completed and closed oversubscribed on 25 January 2011. As part of the listing application and approval process, the ASX has sought comfort whether Auzex, being GGG's joint venture partner in the Bullabulling Project, expects to incur expenditure on the Bullabulling Project to 31 December 2012 of at least $13.8 million (Auzex's 50% share) assuming the results from drilling and feasibility studies planned for the first 6 months of 2011 to confirm that development of a mine is feasible. Despite a formal request by GGG, Auzex has to date not been willing to provide the information sought by ASX. This has caused the proposed listing of GGG on ASX to be delayed significantly. 1 The percentage has been calculated on a fully diluted basis, assuming 100% acceptance level for the Offer but before the issue of any shares under GGG's current Australian listing which GGG anticipates will close before the Offer is completed. Enquiries, please contact: Dr. Jeffrey Malaihollo Westhouse Securities Limited MD, GGG Resources plc (UK) (UK Nominated Adviser) Tel: + 44 1992 531820 Tom Price / Martin Davison www.gggresources.com Tel: + 44 20 7601 6100 Neil Boom Collins Stewart Europe Limited (Broker) MD, Gresham PR Ltd (UK). John Prior / Adam Miller Tel: + 44 7866 805 108 Tel: + 44 20 7523 8350 David McArthur David Brooks GGG Resources plc Professional Public Relations (Australia media) (Australia) T: +61 8 9388 0944/ +61 433 112 936 41 Stirling Highway E: david.brooks@ppr.com.au Nedlands, WA 6009 Australia Tel: +61 8 9423 3200 END
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