Business
Fresnillo plc response to Mag
Fresnillo plc response to Mag.
About this update from Fresnillo Plc
[{"type":"text","content":"\n RNS Number : 9943R Fresnillo PLC 11 May 2009 \n \nFresnillo Plc\n28 Grosvenor Street\nLondon W1K 4QR\nUnited Kingdom\nwww.fresnilloplc.com\n\n11 May 2009\n\n\nFresnillo plc strongly rejects MAG Silver's statements in their press release\ndated May 8, 2009\n\n\nFresnillo plc rejects the press release issued on 8 May by MAG Silver as well as Dan Mac Innis, CEO & Director of MAG Silver Corp. statements regarding the proposed take over offer for MAG and would like to set out the relevant facts given a number of inaccuracies contained in MAG's press release.\n \nIn January 2009, Fresnillo hosted a site visit for TD Securities and Scott Wilson Roscoe Postle and provided sufficient information to allow TD Securities to complete a proper independent valuation of MAG. Notwithstanding Fresnillo's cooperation, MAG instructed TD Securities to stop work on the valuation on February 1, 2009. Subsequently, Fresnillo and MAG met independently with the Staff of the Ontario Securities Commission to discuss what information Fresnillo should provide to TD Securities. After considering the arguments of both MAG and Fresnillo, the Staff of the Ontario Securities Commission created a comprehensive list of additional information that Fresnillo should provide, which was distributed to both parties on March 13th, and which would allow an independent professional to conclude a valuation. Fresnillo has assembled this information and agreed to provide it to TD Securities, subject to receipt of an agreed to confidentiality agreement. On April 28th, MAG's counsel informed Fresnillo that MAG viewed the Ontario Securities Commission Staff's comprehensive list as inadequate to complete a valuation. \n \nFresnillo notes that it is MAG who disputes the Ontario Securities Commission Staff's conclusions regarding the scope of additional information required. In order to facilitate a valuation, Fresnillo stands ready to share proprietary and confidential information to which MAG has no entitlement under the terms of its agreements with Fresnillo and which is unprecedented in the scope of a Canadian Multilateral Instrument 61-101 valuation. It is Fresnillo's belief that no amount of information would satisfy MAG, whose real agenda is to stall ...