Ferraus Limited Updates on Atlas Iron Takeover Offer
29.08.2011 | ABN Newswire
15:38 AEST Aug 29, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - On 27 June 2011, Atlas Iron Limited (ASX:AGO) announced its intention to make a Takeover Offer for FerrAus Limited (ASX: FRS) (PINK: FRRAF). The Takeover Offer is set to open on Monday, 5 September 2011.
Following successful completion of the Subscription and Iron Ore Asset Acquisition, Atlas now holds a 39.0% interest in FerrAus.
Each FerrAus Director continues to recommend that FerrAus Shareholders ACCEPT the Takeover Offer and each FerrAus Director 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.
In addition, major FerrAus Shareholder, China Railway Materials (CRM) has provided FerrAus with a letter indicating that it intends to the ACCEPT the Takeover Offer as soon as practicable upon the Takeover Offer opening, in the absence of a superior proposal. Following receipt of acceptances from CRM and the existing FerrAus Directors, Atlas' relevant interest in FerrAus would increase to 52.2%.
Atlas has previously publicly undertaken to declare the Takeover Offer unconditional upon achieving a relevant interest in FerrAus of 50.1%.
About Ferraus Limited:
FerrAus Limited (ASX:FRS) is a junior exploration company based in Australia with its focus on the discovery and production of ferrous raw materials, including iron ore, manganese, and nickel. The company has four exploration licences located in the East Pilbara region of Western Australia with excellent potential for iron ore and manganese deposits.
Contact:
Ferraus Limited
T: +61-8-9265-8300
F: +61-8-9265-8301
E: info@ferraus.com
W: http://www.ferraus.com