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METRO MINING LIMITED — M&A Activity 2016
Apr 12, 2016
65351_rns_2016-04-12_d1a86d60-aa16-4e38-8907-c0cc4efe0b86.pdf
M&A Activity
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----- Start of picture text ----- ASX ANNOUNCEMENT13 April 2016----- End of picture text -----
Extension of Gulf Merger Offer
On 24 December 2015, Metro Mining Limited ( Metro ) announced an offer ( Offer ) to acquire all of the ordinary shares in Gulf Alumina Limited ( Gulf ). The offer was 3.3 shares in Metro for every one share in Gulf. On 8 March 2016, the Offer was declared to be free of all conditions.
As announced by Metro in its Second Supplementary Bidder’s Statement, dated 6 April 2016, Metro intends to increase the consideration offered under the Offer to 3.5 shares in Metro for every one share in Gulf, subject to the conditions which are set out in the Second Supplementary Bidder’s Statement ( Improved Offer ).
On 11 March 2016, the Takeovers Panel ( Panel ) made a declaration of unacceptable circumstances in relation to the affairs of Gulf and issued orders requiring Gulf to, among other things, appoint an independent expert to consider whether Metro’s Offer is fair and reasonable. On 7 April 2016, Gulf successfully applied to the Panel to vary those orders so as to allow the independent expert more time to prepare its report. Metro now expects Gulf to release a Supplementary Target’s Statement, including the independent expert’s report, by 9 May 2016.
At the Panel’s request, Metro has agreed to give Gulf shareholders more time to consider the findings of the independent expert’s report, and thus Metro has extended the close of the Offer period to 7.00pm (Sydney time) on 19 May 2016.
Gulf shareholders can accept the Offer (or indicate an intention to accept the Improved Offer) on the acceptance forms provided to Gulf shareholders with the Second Supplementary Bidder’s Statement.
Simon Finnis
Further Information
For further information, contact Metro on +61 7 3009 8000.
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ASX : MMI ACN 117 763 443 ASX Announcement | XX March 2016 | Page 1 For more information contact: Mr Simon Finnis | CEO | Mr Scott Waddell | Company Secretary T : +61 (0) 7 3009 8000 | F : +61 (0) 7 3221 4811 | E : [email protected] | Website: www.metromining.com.au Registered office & head office: Lvl 8, 300 Adelaide St, Brisbane QLD 4000 | PO Box 10955, Adelaide St, Brisbane QLD 4000
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