🕐23.03.10 - 03:57 Uhr
Cape Lambert to make A$0.40 all cash take-over offer for DMC Mining
CAPE LAMBERT RESOURCES LTD
ASX Announcement
23 March 2010
Cape Lambert to make A$0.40 all cash take-over offer for DMC Mining
Key Points:
· Cape Lambert Resources Limited (ASX: CFE) to make all-cash takeover offer
for shares in DMC Mining Limited (ASX: DMM),
· Offer will be A$0.40 cash for every one (1) DMM share, which represents a
substantial and attractive bid premium of:
- 24% to 1 month volume weighted average price ("VWAP") of DMM shares
on
ASX of A$0.3037 prior to this announcement;
- 33% to DMM closing share price on ASX of A$0.30 on 22 March 2010,
the
last trading day prior to this announcement; and
- 27% to the 3 month VWAP of DMM shares on ASX of A$0.31497 prior to
this
announcement.
· Cape Lambert already holds a 36.2% relevant interest in DMC Mining, and
· Cape Lambert believes the assets of DMM would achieve a significant
increase
in value under the corporate structure of Cape Lambert.
Australian resources and investment company, Cape Lambert Resources Limited
(ASX: CFE) ("Cape Lambert" or the "Company") wishes to announce its
intention to make an off-market takeover for shares in DMC Mining Limited
(ASX: DMM) ("DMC Mining" or "DMM") ("Offer").
Cape Lamberts Offer for DMC Mining
Under the terms of the Offer, Cape Lambert will offer A$0.40 for every one
(1) DMC Mining share.
This offer represents a substantial and attractive
bid premium of:
- 24% to 1 month volume weighted average price ("VWAP") of DMM shares on
ASX
of A$0.3037 prior to this announcement;
- 33% to DMM closing share price on ASX of A$0.30 on 22 March 2010, the
last
trading day prior to this announcement; and
- 27% to the 3 month VWAP of DMM shares on ASX of A$0.31497 prior to this
announcement.
The Offer is conditional only on the happening of a "prescribed occurrence"
(being an occurrence listed in Section 652C(1)(a) -- (h) and Section
652C(2)(a) -- (e) of the Corporations Act but applied to an off market
takeover bid) in relation to DMC Mining or its subsidiaries during the
period from the date of this announcement to the date which is three (3)
business days after the end of the offer period without the prior consent
of Cape Lambert.
No separate offer will be made for any of the DMMs options with the result
that holders of those options will need to exercise them in order to
participate in the Cape Lambert offer.
Cape Lambert currently holds an interest in DMC Mining of 36.2% and
strongly believes that it has the proven technical and corporate resources
required to successfully develop the assets of DMC Mining.
"Cape Lambert has proven over many years that it is able to acquire an
early stage asset and diligently apply the required technical and financial
resources to maximise value in the shortest possible time-frame," said Cape
Lambert Chairman, Mr Tony Sage.
DMC Mining, through its 80% owned subsidiary, owns the Mayoko Iron Ore
Project in the Republic of Congo ("ROC").
On 12 January 2010 the
exploration target on this project was increased to 0.9 -- 1.3 Billion
tonnes of dominantly itabirite iron mineralization.
(see DMM ASX
announcement dated 12 January 2010)1.
A drilling program is currently
underway at the project.
Cape Lambert is in the process of preparing a formal Bidders Statement and
will lodge that document with the Australian Securities Exchange and
Australian Securities and Investments Commission in the near future.
Ends
To download the full ASX annoucement please click here:
http://esp.gewru.com/em/message/email/view.php?id=631609&u=15636
FOR MORE INFORMATION PLEASE CONTACT:
Cape Lambert Iron Ore Limited:
Tony Sage
Executive Chairman
Tel: +61 (0)8 9380 9555
Australian Enquiries:
David Tasker
Professional Public Relations,
Tel: +61 (0)8 9388 0944/ +61 433 112 936
Website: www.capelam.com.au
FOR MORE INFORMATION PLEASE CONTACT:
Cape Lambert Iron Ore Limited:
Tony Sage
Executive Chairman
Tel: +61 (0)8 9380 9555
Australian Enquiries:
David Tasker
Professional Public Relations
Tel: +61 (0)8 9388 0944
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