Bullabulling Gold Limited Australian Takeover Panel Announcement (0932H)

TIDMBGL

RNS Number : 0932H

Bullabulling Gold Limited

14 May 2014

Bullabulling Gold Limited

Australian Takeover Panel Announcement

The following announcement in relation to the offer for Bullabulling Gold Limited by Norton Gold Fields Limited was released today by the Australian Takeovers Panel:

Bullabulling Gold Limited - Panel Receives Application

The Panel has received an application from Norton Gold Fields Limited in relation to the affairs of Bullabulling Gold Limited. Bullabulling is currently the subject of an off-market takeover bid by Norton, announced on 17 April 2014.

Details of the application, as submitted by the applicant, are below.

A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.

Details

On 24 April 2014, Bullabulling despatched a notice of annual general meeting to shareholders. Norton submits that the notice of AGM did not disclose material information about its bid or the impact that approval of each resolution, including resolutions to approve the issue of new shares, may have on the bid.

On 30 April 2014, Bullabulling sent a letter to shareholders about the bid. Norton submits that the letter omits material information and that certain statements have the potential to mislead shareholders, including in relation to:

   --    41.8% of shareholders having informed Bullabulling that they did not intend to accept the bid

-- the possibility of Norton making a future, follow-on offer if it did not acquire 100% of Bullabulling

   --    shareholders' ability to accept and benefit from any future, follow-on offer by Norton and 
   --    Bullabulling's near term developments over the next 9-12 months.

Norton seeks final orders that Bullabulling send a new notice of AGM and letter to shareholders, in a form approved by the Panel, correcting or clarifying the disclosure deficiencies identified.

Allan Bulman

Director, Takeovers Panel

Level 10, 63 Exhibition Street

Melbourne VIC 3000

Ph: +61 3 9655 3597

allan.bulman@takeovers.gov.au

-Ends-

Please direct enquiries or requests for further information to:

 
 Brett Lambert                       Darren Martin 
  Managing Director                   Executive Director 
  Bullabulling Gold Limited           Gresham Advisory Partners 
  Level 2, 55 Carrington Street       +61 8 9486 7077 
  Nedlands, WA, 6009, Australia       dmartin@gresham.com.au 
  Tel: +61 8 9386 4086 
 Westhouse Securities Limited        John Gardner / Rupert Dearden 
  (UK Broker & Nominated Adviser)     MAGNUS Investor Relations. Corporate 
  Martin Davison / Hugo Rubinstein    Communication. (Australian Media) 
  Tel: +44 20 7601 6100               Tel: +61 8 6160 4900 
                                      bullabulling@magnus.net.au

This information is provided by RNS

The company news service from the London Stock Exchange

END

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