🕐07.12.10 - 02:54 Uhr
Responses to the Targets Statement
Ladies and Gentlemen
Kagara responded to Copper Strikes Target Statement on 26 November
(attached).
Late last week Copper Strike answered Kagaras response and this
letter to Shareholders is also attached here.
Copper Strikes main argument
in the defence is simple:
"The Independent Expert has concluded that Kagaras conditional takeover
offer of 11 cents per share is not fair and is not reasonable.
The
Independent Expert has valued Copper Strike at between 26c and 45c a share,
with a preferred value of 35c a share.
Kagara has not adequately responded
to the shortfall of its offer compared to the Independent Expert valuation.
Copper Strikes Directors consider that Kagaras bid significantly
undervalues Copper Strike shares and recommend that Shareholders reject it
by doing nothing."
Another very important aspect of the Kagara offer is its timing.
"Copper Strike reiterates its observation contained in its Targets
Statement that the timing of Kagaras bid is highly opportunistic.
The
market is just starting to understand the importance of Copper Strikes 20
September agreement to remove Tecks back-in rights to the Einasleigh
Project, which has enabled Copper Strike to search for a strategic partner.
Kagara has not responded to this."
Other key points are also raised in the Copper Strike Shareholders Letter.
Regards
Tom Eadie
Managing Director
Copper Strike Limited
Level 9 - 356 Collins Street
Melbourne VIC 3000
Ph 0419 880333 or (03) 96400955
Facsimile (03) 96420698
ABN 16 108 398 983
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