Atlas Iron Limited Update on Recommended Takeover Offer for FerrAus
23.08.2011 | ABN Newswire
08:24 AEST Aug 23, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Atlas Iron Limited (ASX:AGO) is pleased to confirm the timetable for its recommended takeover offer for FerrAus Limited ('FerrAus') (ASX: FRS) announced on 27 June 2011. Atlas will open its bid for FerrAus in the week starting 5 September 2011.
Timetable
The timetable for Atlas' takeover offer for FerrAus is set out below.
- 5 September 2011: Atlas will lodge Bidder's Statement with ASIC and ASX and serve it on FerrAus, and FerrAus lodges its Target's Statement with ASIC and ASX and serves it on Atlas
- 5 September 2011: Atlas will despatch Bidder's Statement to FerrAus shareholders, and FerrAus despatches its Target's Statement to FerrAus shareholders
- 5 September 2011: Atlas' Takeover Offer for FerrAus opens for acceptances
- 3 October 2011: Atlas' Takeover Offer for FerrAus closes (unless extended)
Background on Atlas' Takeover Offer for FerrAus
In June 2011 Atlas and FerrAus executed a Bid Implementation Agreement, pursuant to which Atlas has agreed to offer FerrAus ordinary shareholders 1 Atlas share for every 4 FerrAus ordinary shares.
This implied an offer price of A$0.858 per FerrAus ordinary share and represented a premium of 34% to FerrAus' closing share price on 24 June 2011. As announced on 25 July 2011, the Atlas takeover offer is no longer subject to the completion of the Subscription and the Iron Ore Assets Acquisition.
Each FerrAus Director continues to recommend that FerrAus Shareholders ACCEPT the Takeover Offer and intends to ACCEPT the Takeover Offer with respect to all FerrAus shares held by them or in which they have a relevant interest, in the absence of a superior offer and subject to the opinion of an Independent Expert in relation to the Takeover Offer.
About Atlas Iron Limited:
Atlas Iron Limited (ASX:AGO) is mining and exporting from its 100%-owned Pardoo and Wodgina Iron Ore projects, located 75 kilometres and 110km by road from Port Hedland in the Pilbara region of Western Australia. In the 2009/10 financial year Atlas shipped over 1.2 million tonnes of Pardoo Direct Shipping Ore (DSO). Atlas is expanding its production from its Wodgina and Pardoo DSO mines following the commissioning of the Utah Point port facility and is targeting exports at an annualised rate of 6 million tonnes by the end of 2010. When combined with additional export tonnages from its Abydos & Mt Webber DSO Projects, the Company is targeting exports at an annualised rate of 12 million tonnes during 2012.
Contact:
David Flanagan
Managing Director
Atlas Iron Limited
Tel: +61-8-9476-7900
http://www.atlasiron.com.au
