Business
Response to Severstal offer
Response to Severstal offer.
About this update from Cerillion Plc
[{"type":"text","content":"\n Celtic Resources Holdings PLC\n26 October 2007\n\n\n\n Celtic Resources Holdings Plc\n (\"Celtic\" or the \"Company\")\n\n Response to posting of Severstal's offer document\n\n\nThe Board of Celtic (the \"Board\") notes that the offer document posted by a\nsubsidiary of Severstal today continues to focus on the past. It completely\nignores Celtic's strong financial position and asset base, its proven ability to\nuse a technologically advanced biological process (BIOX(R)) for gold recovery in\nthe Former Soviet Union and its track record of generating profits from the\ntrading of mining assets.\n\nYour Board unanimously still considers that Severstal's offer of 270 pence per\nshare significantly undervalues the Company. The Board's detailed views and\nexplanation of why shareholders should reject Severstal's unsolicited offer will\nbe sent to shareholders within 14 days. In the meantime, the Board urges\nshareholders to take no action.\n\nPeter Hannen, Chairman of Celtic, said,\n\n\"Severstal is trying to buy Celtic cheaply through this opportunistic and\nunsolicited offer. We expect record production levels for the Company in 2007\nwith substantial increases in 2008, against a background of a sustained rise in\nthe price of gold.\"\n\nAn information line has been set up for shareholders' enquiries on 00 800 6610\n6610. This is a free phone line for shareholders located in the UK and Ireland.\n\n\nEnquiries:\n\nCeltic Resources Holdings Plc\nKevin Foo\nJonathan Scott-Barrett\nTel: + 44 (0)20 7921 8800\n\nGleacher Shacklock LLP\nKieran Murphy\nTel: +44 (0)20 7484 1120\n\nStrand Partners Limited\nSimon Raggett\nStuart Faulkner\nTel: +44 (0)20 7409 3494\n\nCardew Group\nAnthony Cardew\nShan Shan Willenbrock\nTel: +44 (0)20 7930 0777 / (0)777 072 0389\[email protected]\n\nConduit PR\nLeesa Peters\nJane Stacey\nTel: +44 (0)20 7429 6600 / (0)781 215 9885\[email protected]\n\n\nAny person who is the holder of 1 per cent. or more of any class of shares in\nCeltic may be required to make disclosures pursuant to Rule 8.3 of the Irish\nTakeover Panel Act, 1997, Takeover Rules 2001 to 2006.\n\nThe Directors of Celtic accept responsibility for the information contained in\nthis announcement and to the best of their knowledge and belief (having taken\nall reasonable care to ensure that such is the case), the information con...