Ormonde Mining PLC Ormonde welcomes Irish Takeover Panel Statement (8550V)
December 18 2013 - 6:07AM
UK Regulatory
TIDMORM
RNS Number : 8550V
Ormonde Mining PLC
18 December 2013
18 December 2013
Ormonde Mining plc
("Ormonde" or "the Company")
Ormonde welcomes Irish Takeover Panel Statement
The Board of Ormonde Mining plc ("Ormonde") welcomes today's
imposition by the Irish Takeover Panel of a 31 January, 2014
deadline by which Almonty Industries Inc. ("Almonty") must either
announce an offer for Ormonde under Rule 2.5 of the Irish Takeover
Rules or announce that it will not proceed with an offer for
Ormonde.
Almonty has now had the benefit of a period of more than 4
months to date to advance an offer following its original proposal
of a share for share exchange which triggered the commencement of
an offer period on 9 August, 2013.
Over this period, Almonty's share price has fallen by
approximately 30% from a closing price on 8 August, 2013 (the last
day prior to the commencement of the offer period) of CAD$1.10 to a
closing price on 17 December, 2013 (the last day prior to the issue
of this announcement) of CAD$0.77, valuing the issued share capital
of Almonty at approximately CAD$28.5 million (approximately
StgGBP16.5 million). Over this same period, the total shares traded
in Almonty on the TSX represented 0.32% of its issued share
capital, with an aggregate value of approximately CAD$107,000. This
fall in share price and low level of liquidity follows a period
over which Almonty reported a loss after tax of CAD$1.656 millionin
respect of the three months ended 30 June, 2013 (the last period in
respect of which Almonty has reported financial information).
This together with the fact that the current liabilities
reported by Almonty as at 30 June, 2013 (CAD$8.914 million) were
40% higher than current assets as at 30 June, 2013 contributes to
Ormonde's view that Almonty's stated interest in Ormonde, and in
Barruecopardo in particular, is opportunistic and, having regard to
the less than robust financial position of Almonty Industries,
without merit for Ormonde shareholders.
The Board of Ormonde remains firmly and unanimously of the view
that the proposal from Almonty lacks both strategic and economic
merit. Advancing the flagship tungsten project at Barruecopardo is
the Ormonde Group's immediate priority and in this context, final
clarity on the intentions of Almonty which the Panel deadline now
requires and/or the cessation of the ongoing offer period will be
most welcome.
Enquiries:
Ormonde Mining plc
Kerr Anderson, Managing Director Tel: +353 (0)1 8253570
Davy (Nomad / ESM Adviser and Financial Adviser to Ormonde)
Eugenée Mulhern / Roland French Tel: +353 (0)1 6796363
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).
Notes:
Information in relation to the Almonty Industries share price
and share trading volume on the TSX is sourced from Bloomberg.
The market capitalization of Almonty is based on 37,044,389
common shares outstanding, which number is as stated in the
announcement issued by Almonty dated 3 December, 2013.
The exchange rate used to convert Canadian dollars to sterling
is CAD$1: StgGBP0.5791, being the rate prevailing on 17 December,
2013.
Financial information on Almonty is extracted from the Unaudited
Consolidated Interim Financial Statements of Almonty for the three
and nine month periods ended 30 June, 2013 and from the Management
Discussion and Analysis of Almonty for the Three and Nine Month
periods ended 30 June, 2013 as published by Almonty on 28 August,
2013. Net loss after tax of CAD$1.656 million is as stated in the
Consolidated Statement of Operations and Comprehensive Loss - Three
Months. The net loss after tax as stated in the Consolidated
Statement of Operations and Comprehensive Loss - Nine Months was
CAD$1.226 million. Current assets and liabilities as at 30 June,
2013 are as stated in the Consolidated Balance Sheet of Almonty as
at 30 June, 2013 with total current assets of CAD$6.372 million and
current liabilities of CAD$8.914 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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