🕐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
If you would like to be removed from this email list, please reply to this email with the word Remove" in the Subject area.



Products & Services | Jobs