Ormonde Mining PLC Approach from Almonty Industries (3914L)
August 09 2013 - 8:00AM
UK Regulatory
TIDMORM
RNS Number : 3914L
Ormonde Mining PLC
09 August 2013
9 August 2013
Ormonde Mining plc
("Ormonde" or "the Company")
Approach from Almonty Industries
The Board of Ormonde Mining plc ("Ormonde") reports that it has
received an unsolicited approach from Almonty Industries Inc.
("Almonty") to acquire Ormonde in a share for share exchange (1
Almonty share for every 12.2 Ormonde Shares), valuing the Ormonde
shares at GBP0.057 based on a closing price for Almonty Shares of
CAD$1.10. The proposal from Almonty is conditional, inter alia,
upon the recommendation of the Board of Ormonde.
The Board of Ormonde considers this unsolicited approach from
Almonty to be speculative, opportunistic and lacking in both
strategic and economic merit for Ormonde shareholders. In addition
the Board of Ormonde believes there would be negligible support
from its shareholders for the proposal. Accordingly the Board of
Ormonde has unanimously rejected this approach.
Commenting on the approach, Mike Donoghue, Chairman of Ormonde
stated:
"The key focus for Ormonde at this time is on making significant
progress towards the development of its flagship tungsten project
at Barruecopardo in Spain. Ormonde is not surprised that Almonty
recognises the attractions of Barruecopardo. However, Ormonde's
Board sees no merit for Ormonde shareholders exchanging shares in
Ormonde for shares in Almonty at a value which the Board believes
significantly undervalues Ormonde. The proposal would result in a
significant dilution of Ormonde shareholders' ownership of
Barruecopardo, whilst not providing funds required to develop the
Barruecopardo Project."
Ormonde Shareholders are strongly advised to take no action with
respect to the approach from Almonty.
This announcement is made in accordance with the requirements of
Rule 2.2 of the Irish Takeover Rules.
Enquiries:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)1 8253570
Davy Corporate Finance (Nomad / ESM Adviser and Financial
Adviser to Ormonde)
Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363
SP Angel Corporate Finance LLP (Joint Broker)
Ewan Leggat / Katy Birkin Tel: +44 (0)20 3463 2260
Bankside Consultants
Simon Rothschild Tel: +44 (0)20 7367 8888 Mob: +44 (0)7703 167065
Murray Consultants
Ed Micheau Tel: +353 (0)1 4980300 Mob: +353 (0)86 803 7155
The Directors of Ormonde accept responsibility for the
information contained in this announcement, save that the only
responsibility accepted by the Directors of Ormonde in respect of
the information in this announcement relating to Almonty, the
Almonty Industries Group, the board of directors of Almonty and the
persons connected with them, which has been compiled from published
sources, has been to ensure that such information has been
correctly and fairly reproduced or presented (and no steps have
been taken by the Directors of Ormonde to verify this information).
To the best of the knowledge and belief of the Directors of Ormonde
(having taken all reasonable care to ensure that such is the case),
the information contained in this announcement for which they
accept responsibility is in accordance with the facts and does not
omit anything likely to affect the import of such information.
Any holder of 1% or more of any class of relevant securities of
Ormonde or of Almonty may have disclosure obligations under Rule
8.3 of the Irish Takeover Panel Act, 1997, Takeover Rules 2007 (as
amended).
No statement in this announcement is intended to be an asset
valuation or a profit forecast and profits and earnings per share
will not necessarily be changed.
Davy and Davy Corporate Finance each of which are regulated in
Ireland by the Central Bank of Ireland, are acting for Ormonde and
no one else in relation to the matters referred to herein. In
connection with such matters, Davy and Davy Corporate Finance, its
affiliates and their respective directors, officers, employees and
agents will not regard any other person as their client, nor will
they be responsible to anyone other than Ormonde for providing the
protections afforded to their clients or for providing advice in
connection with the matters described in this announcement or any
matter referred to herein
This information is provided by RNS
The company news service from the London Stock Exchange
END
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