Post by Catdaddy on Oct 24, 2007 10:18:16 GMT -5
Mystery buyer has huge slice of ConsMin
October 24, 2007 - 7:39PM
www.theage.com.au/news/Business/Mystery-buyer-has-huge-slice-of-ConsMin/2007/10/24/1192941148037.html
The one billion dollar plus battle for control of Consolidated Minerals Ltd (ConsMin or CSM) has taken a new twist.
A mystery buyer emerged on Wednesday with almost 18 per cent of the target, making the investor the emerging miner's biggest shareholder and able to block existing takeover bids by rival suitors Palmary Enterprise Ltd or Pallingurst Resources Australia Ltd.
ConsMin told the Australian stock exchange after the end of trading that it had "become aware of a holding of 40.6 million ordinary shares in CSM (constituting 17.7 per cent interest in the total issued capital of CSM) registered in the mane of ANZ Nominees Ltd".
"Despite repeated attempts, through the issue of tracing notices pursuant to the Corporations Act, CSM has to date been unable to ascertain the identity (or identities) of the ultimate beneficial owner (or owners of this interest," ConsMin said in a statement to the exchange.
"What has been ascertained is that the ultimate beneficial owner (or owners) have used at least four different custodians in Australia and continental Europe. The response to the most recent trading notice issued by CSM indicated that the shareholding is held by Euroclear Bank for ING Bank in Prague."
The one billion dollar plus battle for control of Consolidated Minerals Ltd (ConsMin or CSM) has taken a new twist.
A mystery buyer emerged on Wednesday with almost 18 per cent of the target, making the investor the emerging miner's biggest shareholder and able to block existing takeover bids by rival suitors Palmary Enterprise Ltd or Pallingurst Resources Australia Ltd.
ConsMin told the Australian stock exchange after the end of trading that it had "become aware of a holding of 40.6 million ordinary shares in CSM (constituting 17.7 per cent interest in the total issued capital of CSM) registered in the mane of ANZ Nominees Ltd".
"Despite repeated attempts, through the issue of tracing notices pursuant to the Corporations Act, CSM has to date been unable to ascertain the identity (or identities) of the ultimate beneficial owner (or owners of this interest," ConsMin said in a statement to the exchange.
"What has been ascertained is that the ultimate beneficial owner (or owners) have used at least four different custodians in Australia and continental Europe. The response to the most recent trading notice issued by CSM indicated that the shareholding is held by Euroclear Bank for ING Bank in Prague."
CSM said that it had not received any substantial shareholder notice from any party or parties in relation to the holding.
"In light of the size of this shareholding and the fact that CSM is already the subject of competing takeover proposals from Pallinghurst and Palmary Enterprises (each of which has been the subject of previous announcements to the market), CSM wishes to identify the beneficial holder (or holders) of this shareholding as a matter of urgency.
"To this end, and in light of the fact that CSM's efforts to identify the ultimate holder through tracing notices has not yet been successful, CSM has referred the matter to ASIC (Australian Companies and Securities Commission) for further investigation and action."
CSM said that it reserved the right to pursue action through the Takeovers Panel and would keep the market informed of further developments.
Until Wednesday, Palmary was ConsMin's largest shareholder with a 14 per cent stake, and is seeking a shareholding in ConsMin of more than 50 per cent, but less than 90 per cent.
The ConsMin board has spent much of last week reviewing the competing offers and said in a statement on October 19 that it would retain its recommendation for Palmary's bid in the absence of a superior offer.
The board said Pallinghurst was unable to increase the cash component of its offer in the absence of Palmary or any third party making a higher offer prior to the close of Pallinghurst's offer on November 2.
Palmary has made an unconditional cash offer, the key difference between rival Pallinghurst as both have offered $4.50 per share, valuing the target at $1.03 billion.
Palmary applied to the Takeovers Panel last week regarding a statement made by Pallinghurst earlier in the month.
The Takeovers Panel has decided to commence proceedings and on Tuesday issued interim orders requiring Pallinghurst to extend its offer to November 2.
© 2007 AAP
October 24, 2007 - 7:39PM
www.theage.com.au/news/Business/Mystery-buyer-has-huge-slice-of-ConsMin/2007/10/24/1192941148037.html
The one billion dollar plus battle for control of Consolidated Minerals Ltd (ConsMin or CSM) has taken a new twist.
A mystery buyer emerged on Wednesday with almost 18 per cent of the target, making the investor the emerging miner's biggest shareholder and able to block existing takeover bids by rival suitors Palmary Enterprise Ltd or Pallingurst Resources Australia Ltd.
ConsMin told the Australian stock exchange after the end of trading that it had "become aware of a holding of 40.6 million ordinary shares in CSM (constituting 17.7 per cent interest in the total issued capital of CSM) registered in the mane of ANZ Nominees Ltd".
"Despite repeated attempts, through the issue of tracing notices pursuant to the Corporations Act, CSM has to date been unable to ascertain the identity (or identities) of the ultimate beneficial owner (or owners of this interest," ConsMin said in a statement to the exchange.
"What has been ascertained is that the ultimate beneficial owner (or owners) have used at least four different custodians in Australia and continental Europe. The response to the most recent trading notice issued by CSM indicated that the shareholding is held by Euroclear Bank for ING Bank in Prague."
The one billion dollar plus battle for control of Consolidated Minerals Ltd (ConsMin or CSM) has taken a new twist.
A mystery buyer emerged on Wednesday with almost 18 per cent of the target, making the investor the emerging miner's biggest shareholder and able to block existing takeover bids by rival suitors Palmary Enterprise Ltd or Pallingurst Resources Australia Ltd.
ConsMin told the Australian stock exchange after the end of trading that it had "become aware of a holding of 40.6 million ordinary shares in CSM (constituting 17.7 per cent interest in the total issued capital of CSM) registered in the mane of ANZ Nominees Ltd".
"Despite repeated attempts, through the issue of tracing notices pursuant to the Corporations Act, CSM has to date been unable to ascertain the identity (or identities) of the ultimate beneficial owner (or owners of this interest," ConsMin said in a statement to the exchange.
"What has been ascertained is that the ultimate beneficial owner (or owners) have used at least four different custodians in Australia and continental Europe. The response to the most recent trading notice issued by CSM indicated that the shareholding is held by Euroclear Bank for ING Bank in Prague."
CSM said that it had not received any substantial shareholder notice from any party or parties in relation to the holding.
"In light of the size of this shareholding and the fact that CSM is already the subject of competing takeover proposals from Pallinghurst and Palmary Enterprises (each of which has been the subject of previous announcements to the market), CSM wishes to identify the beneficial holder (or holders) of this shareholding as a matter of urgency.
"To this end, and in light of the fact that CSM's efforts to identify the ultimate holder through tracing notices has not yet been successful, CSM has referred the matter to ASIC (Australian Companies and Securities Commission) for further investigation and action."
CSM said that it reserved the right to pursue action through the Takeovers Panel and would keep the market informed of further developments.
Until Wednesday, Palmary was ConsMin's largest shareholder with a 14 per cent stake, and is seeking a shareholding in ConsMin of more than 50 per cent, but less than 90 per cent.
The ConsMin board has spent much of last week reviewing the competing offers and said in a statement on October 19 that it would retain its recommendation for Palmary's bid in the absence of a superior offer.
The board said Pallinghurst was unable to increase the cash component of its offer in the absence of Palmary or any third party making a higher offer prior to the close of Pallinghurst's offer on November 2.
Palmary has made an unconditional cash offer, the key difference between rival Pallinghurst as both have offered $4.50 per share, valuing the target at $1.03 billion.
Palmary applied to the Takeovers Panel last week regarding a statement made by Pallinghurst earlier in the month.
The Takeovers Panel has decided to commence proceedings and on Tuesday issued interim orders requiring Pallinghurst to extend its offer to November 2.
© 2007 AAP
