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NORTHERN STAR RESOURCES LTD — M&A Activity 2018
Dec 30, 2018
65447_rns_2018-12-30_ae925185-1317-45b4-9418-f6bfa189c38d.pdf
M&A Activity
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UPDATE TO OFFER FOR 49% STAKE IN EAST KUNDANA JV HELD BY TRIBUNE AND RAND
Northern Star Resources (ASX:NST) advises that it has received written rejections of the legally binding offers made by Northern Star.
Northern Star made legally binding offers on 13 November 2018 to acquire the 49 per cent stake in the East Kundana Joint Venture (EKJV) it does not already own, from Tribune Resources Limited (ASX:TBR), Rand Mining Limited (ASX:RND) and Rand Exploration NL, for A$150 million in cash.
Neither the Tribune and Rand Boards nor their appointed financial adviser have formally engaged with Northern Star in response to the offers, and the proposed transactions have not been put to the Tribune or Rand shareholders for consideration.
ASX ANNOUNCEMENT 31 December 2018
Australian Securities Exchange Code: NST
Board of Directors
As a shareholder in both Tribune and Rand, Northern Star remains concerned about the Takeovers Panel 14 September 2018 declaration of unacceptable circumstances against Tribune and Rand controlling shareholders, with respect to their non-disclosure of controlling shareholdings in Tribune and Rand.
Northern Star continues to believe its cash offer is a fair and sensible pathway for Tribune and Rand shareholders to unlock the value of their company’s interests in the EKJV, particularly in view of the 19 December 2018 admissions by an existing Tribune and Rand director and by controlling shareholders in Tribune and Rand of past and ongoing breaches of the Corporations Act and the ASX Listing Rules.
Mr Bill Beament Executive Chairman
Yours faithfully
Mr John Fitzgerald Lead Independent Director Yours faithfully
Mr Chris Rowe Non-Executive Director
Mr Peter O’Connor Non-Executive Director
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BILL BEAMENT Executive Chairman Northern Star Resources Limited
Ms Shirley In’t Veld Non-Executive Director
Issued Capital
Shares 639.45 million Performance Rights 10.38 million Current Share Price A$9.24 Market Capitalisation A$5.9 billion Cash and Cash Equivalents 30 Sept 2018 - A$277 million
Investor Relations Enquiries: Luke Gleeson Northern Star Resources Limited T: +61 8 6188 2103 E: [email protected]
Media Enquiries: Paul Armstrong Read Corporate T: +61 8 9388 1474 E: [email protected]
Investor Relations Enquiries:
Luke Gleeson Projects Northern Star Resources Limited
T: +61 8 6188 2103 Jundee Operations E: [email protected] Kalgoorlie Operations Pogo Operations Paulsens Mine Central Tanami (40% of JV) Western Tanami
ABN: 43 092 832 892