🕐21.01.11 - 00:54 Uhr
BC Iron Recommends Cash Offer from Regent Pacific Group
BC Iron Limited
ASX Announcement
21 January 2011
BC Iron Board Unanimously Recommends Cash Offer of A$3.30 Per Share From
Regent Pacific Group Limited
Key Points:
Proposed acquisition of all the outstanding BC Iron shares not already
owned by 19.9% shareholder Regent Pacific by way of a Scheme of
Arrangement
Offer price of A$3.30 cash per BC Iron share values the fully diluted
equity in BC Iron at approximately A$345 million
BC Iron shareholders have the opportunity to crystallise immediate value
now with the certainty of cash at a time of elevated iron ore prices
Offer price represents an all time high price for BC Iron shares and is
well above EV/reserve tonne multiples within the peer group, and
BC Iron Directors will unanimously recommend that BC Iron shareholders vote
in favour of the Scheme in the absence of a superior proposal and subject
to an Independent Expert concluding that the Scheme is in the best
interests of BC Iron shareholders
Australian iron ore development company BC Iron Limited ("BC Iron" or "the
Company") (ASX: BCI) is pleased to announce that it has entered into a
Scheme Implementation Agreement ("SIA") with 19.9% shareholder Regent
Pacific Group Limited ("Regent Pacific") (HSKE: 0575) in respect of a
Scheme of Arrangement ("Scheme") for all of the outstanding BC Iron shares
not already owned by Regent Pacific ("Offer").
Under the Offer which is subject to BC Iron shareholders approving the
Scheme at a meeting to be convened by the Court, BC Iron shareholders will
receive consideration of A$3.30 cash for each BC Iron share they own at the
appropriate record date.
Following careful consideration, the BC Iron Board is unanimously
recommending shareholders vote in favour of the Scheme in the absence of a
superior proposal and subject to the opinion of Independent Expert, KPMG,
concluding that the Scheme is in the best interests of BC Iron
shareholders.
To view the announcement in full please click here:
For further information please contact:
http://www.stocknessmonster.com/news-item?S=BCI&E=ASX&N=525238
Mike Young / Tony Kiernan
Managing Director / Chairman
BC Iron Limited
T: +618 6311 3400
David Tasker
Professional Public Relations
T: +618 9388 0944
E:
About BC Iron Limited
BC Iron is an iron ore development and mining company with key assets in
the Pilbara region of WA.
The Companys core asset is the Nullagine Iron
Ore Project, a 50/50 joint venture with Fortescue Metals Group Limited.
The
JV will use Fortescues infrastructure at Christmas Creek, 50 km south of
the Mine, to rail its ore to Port Hedland from where it will be shipped to
customers overseas.
Mining commenced in November 2010 and first ore on
ship will occur in the March Quarter of 2011 - just over four years from
listing on the ASX.
The Company plans to export 1 Mt by June 2011 at which
point BC Iron will be mining at a throughput of 3Mtpa.
About Regent Pacific
Regent Pacific is a limited liability company incorporated under the laws
of the Cayman Islands whose Shares are listed on the Hong Kong Stock
Exchange and are also traded on the OTC market (Freiverkehr) of the
Frankfurt Stock Exchange.
The Group operates as a diversified mining group
focused, primarily, on the Asian region.
Its principal assets are located
in Yunnan Province and Inner Mongolia, China.
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