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Perth, Aug 10, 2011 (ABN Newswire) - Focus Minerals Limited (
ASX:FML) is pleased to announce its relevant interest in Crescent Gold Limited (ASX:CRE) (TSE:CRA) has increased to 62.12% after receiving acceptances from Deutsche Bank (NYSE:DB) for its remaining holding in Crescent.
On 20 June 2011 Focus and Crescent announced that they had agreed to merge by way of an off-market takeover offer for Crescent by Focus. The Offer consideration is 1 Focus share for every 1.18 Crescent Shares, representing a 30.5% premium based on the closing prices of Crescent shares and Focus shares on 17 June 2011, the last trading day prior to the announcement of the Offer. The Offer opened on Thursday 30 June 2011 and has been extended to close at 7.00pm (AEST) 31 August 2011 (unless extended).
The Crescent Board has unanimously recommended that, in the absence of a superior proposal, ALL CRESCENT SHAREHOLDERS SHOULD ALSO ACCEPT THE OFFER. The Crescent Directors have all provided acceptances in respect of shares held or controlled by them in respect of the Offer.
The Offer received the support of Crescent's major shareholder Gulara Pty Ltd (a wholly owned subsidiary of Deutsche Bank AG), which on 17 June 2011 entered into a pre-bid agreement for 19.99%1 of Crescent Shares. Deutsche Bank has now provided acceptances for its remaining 8.48% holding.
Acceptance forms have been provided to shareholders. Shareholders who hold their Crescent Shares through CHESS can instruct their broker to accept the Offer on their behalf.
If you have any queries in relation to the Offer, please do not hesitate to contact the Focus Offer information line on 1800 648 622 (toll-free within Australia) or +61-2-8256-3377 (international) between 9.00am and 5.00pm (AEST), Monday to Friday
ASX:FML) is pleased to announce its relevant interest in Crescent Gold Limited (ASX:CRE) (TSE:CRA) has increased to 62.12% after receiving acceptances from Deutsche Bank (NYSE:DB) for its remaining holding in Crescent.On 20 June 2011 Focus and Crescent announced that they had agreed to merge by way of an off-market takeover offer for Crescent by Focus. The Offer consideration is 1 Focus share for every 1.18 Crescent Shares, representing a 30.5% premium based on the closing prices of Crescent shares and Focus shares on 17 June 2011, the last trading day prior to the announcement of the Offer. The Offer opened on Thursday 30 June 2011 and has been extended to close at 7.00pm (AEST) 31 August 2011 (unless extended).
The Crescent Board has unanimously recommended that, in the absence of a superior proposal, ALL CRESCENT SHAREHOLDERS SHOULD ALSO ACCEPT THE OFFER. The Crescent Directors have all provided acceptances in respect of shares held or controlled by them in respect of the Offer.
The Offer received the support of Crescent's major shareholder Gulara Pty Ltd (a wholly owned subsidiary of Deutsche Bank AG), which on 17 June 2011 entered into a pre-bid agreement for 19.99%1 of Crescent Shares. Deutsche Bank has now provided acceptances for its remaining 8.48% holding.
Acceptance forms have been provided to shareholders. Shareholders who hold their Crescent Shares through CHESS can instruct their broker to accept the Offer on their behalf.
If you have any queries in relation to the Offer, please do not hesitate to contact the Focus Offer information line on 1800 648 622 (toll-free within Australia) or +61-2-8256-3377 (international) between 9.00am and 5.00pm (AEST), Monday to Friday
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About Focus Minerals Ltd
Focus Minerals Limited (ASX:FML) is a leading Australian gold producer operating two significant production centres in Western Australia's Eastern Goldfields. The company is the largest landholder in the Coolgardie Gold Belt, 35km west of 'Super Pit' in Kalgoorlie, where it operates 3 mines: The Tindals Underground; Tindals Open Pits; and The Mount underground. Gold is processed at Focus' 1.2Mtpa processing plant, Three Mile Hill, which is adjacent to the town of Coolgardie. Focus also operates, through its 81.57% majority shareholding in Crescent Gold, the Laverton Gold Project, located 250km northeast of Kalgoorlie in Western Australia. Laverton comprises a significant portfolio of large scale open pit mines, with ore being processed under an OPA at the nearby Barrick Granny Smith mill.
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