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MGX RESOURCES LIMITED M&A Activity 2006
65331_rns_2006-09-19_574208e9-d711-4f51-bac9-c63db7dfb282.pdf
M&A Activity
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Mount Gibson Iron Limited ARN 87 008 670 817
First Floor, 7 Havelock Street West Perth 6005, Western Australia
PO Box 55, West Perth, WA 6872
Telephone: 61-8-9426-7500 Facsimile: 61-8-9485 2305 E-mail: [email protected]
VIA: WWW.ASX.ONLINE.COM
20 September 2006
The Manager Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000
Dear Sir
Aztec's largest shareholder accepts Mount Gibson's Offer
Mount Gibson Iron Limited (Mount Gibson) announced today that it has received acceptances to its Offer for Aztec Resources Limited (Aztec) for 170,160,515 shares from Cambrian Mining plc (Cambrian).
The acceptance by Cambrian, Aztec's largest shareholder, represents 16.31% of Aztec shares and is in addition to the 15.24% Mount Gibson acquired from Cambrian when Mount Gibson exercised its Option.
Following the Cambrian acceptance, Mount Gibson now has the largest interest in Aztec, subject to the Offer conditions being waived or satisfied. As at 20 September 2006, acceptances together with those shares already owned by Mount Gibson accounted for 31.91 % of Aztec's issued shares.
"We are pleased that Aztec's largest shareholder has demonstrated their strongest possible endorsement of Mount Gibson's bid by accepting our offer for the remainder of their Aztec shares. The acceptance by Cambrian clearly indicates that they do not anticipate a superior proposal emerging. We continue to strongly encourage Aztec shareholders to accept Mount Gibson's Offer and join their largest shareholder by taking the opportunity to create Australia's leading pure-play iron ore producer. The Offer represents a significant premium for Aztec shares and the Merged Group provides a good platform for substantial future growth." said Mr Luke Tonkin, Managing Director of Mount Gibson.
Yours sincerely, MOUNT GIBSON IRON LIMITED
Jorkin
Luke Tonkin Managing Director
Enquiries: Mr Luke Tonkin Managing Director Telephone: 61 8 9426-7500 Email: [email protected] Ωr
Mr Alan Rule Finance Director