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TESORO GOLD LTD — M&A Activity 2014
Jan 8, 2014
65957_rns_2014-01-08_ee14ca9c-cd92-452f-b738-bd5be74a1d0f.pdf
M&A Activity
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CONTINUATION INVESTMENTS LIMITED
9 January 2014
Market Announcements Office Australian Securities Exchange Level 4 20 Bridge Street SYDNEY NSW 2000
By E-Lodgement
TAKEOVER OFFER – CLARIFICATION OF ACCEPTANCE LEVEL
Continuation Investments Ltd (ASX:COT or Company ) wishes to clarify an aspect of the Letter to Shareholders and accompanying Notice Of Extension ( Notice ) in relation to DMX Corporation Ltd’s unsolicited takeover offer ( Offer ) which was lodged on the Company’s ASX announcements platform yesterday.
The Notice stated that:
“DMX has made significant progress in increasing its voting power in COT”,
further noting that:
“together with the shares subject to acceptance instructions under the Institutional Acceptance Facility 8% of shareholders have now accepted the offer”.
For clarity, the Company notes that the reference to 8% is to the number of individual shareholders that have accepted the offer expressed as a percentage of the total number of shareholders in COT.
The Company notes that the figure of 8% bears no relationship to voting power in the Company, and the Company’s understanding is that as of today’s date, the level of acceptances of the Offer constitutes a voting power of approximately 0.7%..
The Notice further referred to such acceptance levels as “strong support” for the Offer.
The Board of Directors of COT do not view this level of acceptances of 0.7% as strong support for the Offer, but will leave it to others to form their own view.
Continuation Investments Limited 945 Wellington Street WEST PERTH WA 6005 ABN 91 106 854 175 phone: (08) 9322 7600 fax: (08) 9322 7602 email: [email protected]
CONTINUATION INVESTMENTS LIMITED
The Board of Directors of COT unanimously recommend shareholders REJECT the Offer. Detailed reasons for this rejection recommendation are set out in the Target’s Statement sent to shareholders on 20 December 2013. To reject the Offer, simply do nothing.
In the meantime, the Board continues to identify and review a large number of investment opportunities for COT and will report to shareholders as and when one of those opportunities or a series of opportunities meets the required investment criteria and progresses to a stage where disclosure is required.
For and on Behalf of the Board
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Jeremy King Director
______________ Continuation Investments Limited 945 Wellington Street WEST PERTH WA 6005 ABN 91 106 854 175 phone: (08) 9322 7600 fax: (08) 9322 7602 email: [email protected]