Update on Takeover Bid for Lemur Resources

RNS Number : 8152I

Bushveld Minerals Limited

08 July 2013

 



8 July 2013

For Immediate Release

Bushveld Minerals Ltd

("Bushveld" or the "Company")

Update on Takeover Bid for Lemur Resources

Bushveld Minerals Limited (AIM: BMN), a mineral development company focused on iron and tin projects in Southern Africa provides the following updates in respect of its off-market take-over offer for Lemur Resources Limited ("Lemur").

Notice of Despatch of the Replacement Bidders Statement

A letter confirming the despatch of the replacement bidders statement to shareholder of Lemur Resources has been lodged with the ASX Limited and with the Australian Securities and Investment Commission today. A copy of the letter is available on Bushveld's website at www.bushveldminerals.com.

Lemur's Response to the Bushveld Offer

Bushveld Mineral notes the response to the Company's replacement bidder statement issued by the independent directors of Lemur Resources Limted ("Lemur") on 5 July 2013 recommending rejection of the Company's off-market takeover offer which includes an Independent Expert's Report by  BDO Corporate Finance (WA) Pty Ltd (Independent Expert) which was commissioned by Lemur  to assess Bushveld's off-market takeover offer.

Bushveld Minerals considers its off-market takeover offer for Lemur, which places a substantial premium to Lemur's current share price as well as its recent historical share price, to be fair and reasonable and to present the best way forward for Lemur shareholders. The Company retains its belief that the combined group provides a diversified exposure to three exciting commodity platforms and the management team is well placed to create and realise value for the combined shareholders. Moreover the Company is advised that Lemur shareholders who together hold approximately 40% of the issued capital of Lemur, remain intent on accepting the Offer.

A further announcement will be made as and when appropriate.

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Enquiries: [e-mail]

Bushveld Minerals Fortune Mojapelo	[phone]
Fox Davies Jonathan Evans	[phone]
Tavistock Communications Jos Simson/ Jessica Fontaine	[phone]
Tielle Communications Stéphanie Leclercq	[phone]

 

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