🕐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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