🕐27.01.11 - 01:27 Uhr

Regent Pacific receives FIRB approval for proposed AUD$3.30 per share cash offer



BC Iron Limited ASX Announcement 27 January 2011 Regent Pacific receives FIRB approval for proposed AUD$3.30 per share cash offer Australian iron ore development company BC Iron Limited ("BC Iron" or "the Company") (ASX: BC Iron) recently announced it had entered into a Scheme Implementation Agreement ("SIA") with 19.9% shareholder Regent Pacific Group Limited ("Regent Pacific") (HSKE: 0575) in respect of a Scheme of Arrangement ("Scheme") for all of the outstanding BC Iron shares not already owned by Regent Pacific ("Offer") (refer 20 January 2011 announcement for full details). As detailed at the time, BC Iron Directors will unanimously recommend that BC Iron shareholders vote in favour of the Scheme in the absence of a superior proposal and subject to an Independent Expert concluding that the Scheme is in the best interests of BC Iron shareholders. The Offer price of AUD$3.30 cash per BC Iron share values the fully diluted equity in BC Iron at approximately AUD$345 million. The Offer is subject to conditions precedent typical for a Scheme that must be satisfied or waived for the Scheme to be implemented including: - Court approvals; - Requisite shareholder approvals from both BC Iron and Regent Pacific; - Australian Foreign Investment Review Board (FIRB) approval; and - No Material Adverse Change in relation to BC Iron. In respect to the conditions precedent to the proposed transaction, Regent Pacific has advised the Company that on 25 January 2011 it received notice from the Australian Foreign Investment Review Board (FIRB) that it had no objections to the proposed transaction. The remaining conditions precedent, namely the required Court and shareholder approvals, are being progressed.

Further details on these matters will be released to the market in due course. Clarification: Scheme of arrangement At the time of the Offer being announced, and subsequent to this announcement being made, the Company has given no comment as to the intentions of its other major shareholder, Consolidated Minerals Limited (21.1%). The Company would like to clarify the position of one of its directors, Mr Glenn Baldwin, who is an employee of Consolidated Minerals.

Mr Baldwin, in his capacity as a director of BC Iron, was part of the Boards recommendation that BC Iron shareholders vote in favour of the Scheme in the absence of a superior proposal and subject to an Independent Expert concluding that the Scheme is in the best interests of BC Iron shareholders. However, Mr Baldwin recommended the offer only in his capacity as a director of BC Iron based on the merits of Regent Pacifics cash offer and this does not reflect the position of Consolidated Minerals. At this time BC Iron is not aware of Consolidated Minerals views on the Offer and their intentions in relation to it. Regent Pacifics announcement on obtaining FIRB approval was released to the Hong Kong Stock Exchange (.hkexnews.hk) via its website (www.regentpac.com) on 25 January 2011. To view the announcement in full please click here:http://esp.gewru.com/download/files/12414/1302936/ASX_270111_FIRB%20approval_MSB.pdf
For further information please contact: Mike Young / Tony Kiernan Managing Director / Chairman BC Iron Limited T: +618 6311 3400 David Tasker Professional Public Relations T: +618 9388 0944 E:
About BC Iron Limited BC Iron is an iron ore development and mining company with key assets in the Pilbara region of WA.

The Companys core asset is the Nullagine Iron Ore Project, a 50/50 joint venture with Fortescue Metals Group Limited.

The JV will use Fortescues infrastructure at Christmas Creek, 50 km south of the Mine, to rail its ore to Port Hedland from where it will be shipped to customers overseas.

Mining commenced in November 2010 and first ore on ship will occur in the March Quarter of 2011 - just over four years from listing on the ASX.

The Company plans to export 1 Mt by June 2011 at which point BC Iron will be mining at a throughput of 3Mtpa.

About Regent Pacific Regent Pacific is a limited liability company incorporated under the laws of the Cayman Islands whose Shares are listed on the Hong Kong Stock Exchange and are also traded on the OTC market (Freiverkehr) of the Frankfurt Stock Exchange.

The Group operates as a diversified mining group focused, primarily, on the Asian region.

Its principal assets are located in Yunnan Province and Inner Mongolia, China.
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