Intrepid Mines Limited: Fourth Quarter Activities Report-December 2014
(firmenpresse) - BRISBANE, AUSTRALIA -- (Marketwired) -- 01/29/15 -- Intrepid Mines Limited (ASX: IAU) ("Intrepid" or the "Company") -
KEY POINTS
CORPORATE
KITUMBA PROJECT (Intrepid 100%)
MUMBWA EXPLORATION (Intrepid 100%)
BURKINA FASO EXPLORATION
All amounts are in US Dollars unless otherwise stated.
OVERVIEW
Intrepid Mines Limited's ('Intrepid' or the 'Company') principal activities for the quarter under review were the completion and implementation of both the Scheme of Arrangement resulting in the merger with Blackthorn Resources Limited ('Blackthorn'), the Intrepid share buy-back and commencement of the FS drilling program.
Following the Company's undertaking to shareholders to review the optimal mechanism for a return of cash to shareholders, Blackthorn was identified as a potential merger partner. The review culminated in the announcement of an agreement for the Company to merge with Blackthorn by way of Scheme of Arrangement and also to undertake an $A110 million share buy-back as a means of returning capital to Intrepid shareholders.
CORPORATE
Scheme of Arrangement
On 28 August 2014, the Company announced that it had entered into an agreement with Blackthorn Resources Limited to merge by way of Scheme of Arrangement ('Scheme'). The merger was recommended by the Boards of both Intrepid and Blackthorn (the 'Merged Group'), on the basis that it would create a well-funded copper company in a strong position to realise the potential of the Kitumba Copper Project and add value to the broader Mumbwa Project licence areas in Zambia.
Intrepid shareholders were also given the opportunity at the same time to participate in an $A110 million equal access share buy-back funded from Intrepid's cash holdings (the 'Intrepid Buyback'), based on a price of $A0.30 per share.
The Intrepid Buyback would complete once the merger was effective. Intrepid considered that the level of the buyback appropriately balanced the funding requirements of the Merged Group with the stated desire of a number of Intrepid shareholders at the time to receive a return of capital.
At the extraordinary meeting of Intrepid shareholders held on 18 November 2014, resolutions to approve the merger with Blackthorn and the Intrepid Buyback were passed.
On 21 November 2014, Blackthorn announced that its shareholders had passed at an extraordinary general meeting, a resolution to approve the merger. On 26 November 2014, the Federal Court of Australia made orders approving the Scheme under which Intrepid Mines Limited would acquire all the shares in Blackthorn. On 27 November 2014, Blackthorn shares ceased trading on the ASX. Scheme consideration of 1.08 New Intrepid Shares was issued to eligible Blackthorn shareholders on 4 December 2014. The Intrepid Buyback consideration was also paid to Intrepid shareholders in accordance with the scale- back conditions up to the maximum of $A110 million for shareholders who had accepted the Intrepid Buyback offer. All acceptances were scaled back to approximately 81.5% of the number of shares applied for as acceptances had exceeded the maximum buyback level.
The merger was implemented on 11 December 2014.
To read the complete Fourth Quarter Report, visit the following link:
ABN: 11 060 156 452
Contacts:
Mark Mitchell
Chief Executive Officer
+61 2 9357 9000
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Unternehmensinformation / Kurzprofil:
Datum: 29.01.2015 - 13:00 Uhr
Sprache: Deutsch
News-ID 367772
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contact information:
Town:
BRISBANE, AUSTRALIA
Kategorie:
Mining & Metals
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