🕐21.07.11 - 08:54 Uhr
PLAN TO RETURN 14C PER SHARE TO CSE SHAREHOLDERS
Ladies and Gentlemen
Since my last email communication in late May when we released the Notice of
Meeting to vote on the Taifeng / Jintai co-operation proposal for
Einasleigh, much has happened at Copper Strike, especially on the corporate
front.
1) 16 June - announced the sale of Walford Creek for $2.5 million.
2) 24 June - postponed the meeting to vote on the Taifeng / Jintai
proposal because of a superior offer.
This meeting has now been cancelled
and will be replaced by a meeting to vote on the new offer.
3) 5 July - summarised the terms of the superior offer which was that
Kagara would buy the Einasleigh Project for $16 million in cash and would
agree to cancel their 22.6 million CSE shares which is worth a further $4
million or so to CSE shareholders.
Shareholders will be asked to vote on
this proposal at a meeting to be arranged in September.
The CSE Board
supports this proposal in the absence of a superior offer.
4) 13 July - announced a challenge to the CSE Board of Directors where a
group of shareholders requisitioned a General Meeting to attempt to vote in
four new directors.
5) 20 July - released a Notice of Meeting to vote on the four new
proposed directors.
The meeting will be on 19 August.
The CSE Board believes
that this challenge is a waste of time and money and urges all Shareholders
to vote against all the resolutions.
We asked the requisitioners if we could
delay this meeting so that it would coincide with the meeting for the Kagara
vote, saving time and money.
However this request was refused.
6) 21 July - updated Shareholders on the proposed sale to Kagara and
your Boards plans for CSE after the sale.
The key points of this
announcement are that, if all goes according to our plan (requisitioning
directors voted down on 19 August, and Kagara proposal accepted in
September), 14c per share will be returned to Shareholders - and the Company
will still have a bright future.
In summary I believe that with Shareholder support, Copper Strike and its
Shareholders will be in very good shape when the dust settles in less than
two months.
I have attached the two most recent releases, the Notice of
Meeting for the requisitioned meeting and todays Shareholder Update.
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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