Bullabulling Gold Limited RECOMMENDATION TO SHAREHOLDERS (1959F)
22 4월 2014 - 4:00PM
UK Regulatory
TIDMBGL
RNS Number : 1959F
Bullabulling Gold Limited
22 April 2014
22 April 2014 AIM Code: BGL, ASX Code: BAB
RECOMMENDATION TO SHAREHOLDERS
TAKE NO ACTION IN RESPECT OF THE PROPOSED TAKEOVER OFFER BY
NORTON
Bullabulling Gold Limited ("Bullabulling" or the "Company") has
received an unsolicited takeover offer from Norton Gold Fields
("Norton") to acquire all of the shares in Bullabulling. Norton
propose to offer 7 (seven) cents cash for every Bullabulling share
("the Offer")
The board considers that the current Norton Offer price does not
adequately reflect the value of Bullabulling or the Bullabulling
Gold Project and does not justify a change in control of the
Company. Further detail regarding the board's views will be
provided in the Company's target's statement.
The Bullabulling Board was only advised of the intentions of
Norton late Thursday 17(th) April 2014.
The Directors will review the Bidder's Statement and urge all
shareholders to TAKE NO ACTION in relation to the Offer or any
documents you receive from Norton until you receive the board's
formal response to the Offer.
Bullabulling has appointed Gresham Advisory Partners as
corporate advisors and Herbert Smith Freehills as legal advisors to
assist the Company to prepare its formal response to the Offer.
The Directors' focus is on maximising shareholder value and this
Offer, or any other offers or proposals, will be considered in that
context.
The Directors will keep shareholders fully informed of further
developments as they occur and will provide a formal recommendation
on the Offer, providing shareholders with sufficient time to make
an informed decision.
All information issued by the Company in relation to the offer
will also be posted on the Company's website,
www.bullabullinggold.com.
In the meantime, should you have any queries, please do not
hesitate to contact.
Brett Lambert Darren Martin
Managing Director Executive Director
Bullabulling Gold Limited Gresham Advisory Partners
Tel: +61 8 9386 4086 +61 8 9486 7077
brett.lambert@bullabullinggold.com dmartin@gresham.com.au
------------------------------------------- -----------------------------------------------
Westhouse Securities Limited John Gardner / Rupert Dearden
(UK Broker & Nominated Adviser) MAGNUS Investor Relations. Corporate
Martin Davison / Dominic Palmer-Tomkinson Communication. (Australian Media)
/ Hugo Rubinstein Tel: +61 8 6160 4900
Tel: +44 20 7601 6100 jgardner@magnus.net.au rdearden@magnus.net.au
------------------------------------------- -----------------------------------------------
About Bullabulling Gold Limited
Bullabulling Gold Limited is listed on the Australian Securities
Exchange (ASX:BAB) and London's AIM Market (AIM:BGL) and has
approximately 344 million shares on issue. The Company's primary
asset is the wholly owned Bullabulling Gold Project, located 60
kilometres west of Kalgoorlie in Western Australia.
The Bullabulling Gold Project hosts JORC compliant Mineral
Resources(3) of 3.75 million ounces comprising Indicated Resources
of 72.4 million tonnes at 0.98 g/t gold (2.28 million ounces) and
Inferred Resources of 41.6 million tonnes at 1.11 g/t gold (1.47
million ounces). Exploration has demonstrated strong potential for
further expansion of the resource base.
The Bullabulling deposit is amenable to bulk tonnage open pit
mining and conventional CIL processing. All resources are situated
on granted Mining Leases in close proximity to infrastructure.
The Company is conducting a definitive feasibility study into
the development of a large scale, low cost mining operation at
Bullabulling which is scheduled for completion in 2014
Competent Person Statement
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves is based upon
information compiled by Mr Trevor Pilcher, who is a full time
employee of the Company and is a member of The Australasian
Institute of Mining and Metallurgy. Mr Pilcher has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and the activity in which he is
undertaking to qualify as a Competent Person under 2012 Edition of
the Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Mr Pilcher consents to the
inclusion in this report of the matters based on his information in
the form and context in which it appears.
The information in this report that relates to the Exploration
Results, Mineral Resources or Ore Reserves was prepared and first
disclosed under the JORC Code 2004. It has not been updated since
to comply with the JORC Code 2012 on the basis that the information
has not materially changed since it was last reported. All material
assumptions and technical parameters underpinning the estimates of
mineral resources continue to apply and have not materially
changed.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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