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Scion Capital Encourages Bolivar Gold Securityholders To Act Now To Stop the Undervalued Gold Fields' Transaction
Scion Capital Encourages Bolivar Gold Securityholders To Act Now To Stop the Undervalued Gold Fields' Transaction.
About this update from Gold Reserve Ltd.
[{"type":"text","content":"\n\n\n\n\n- Meeting Of Securityholders A Week Away \n- Rising Gold Prices Underscore Low Value In Offer\n- ISS Canada Valuation Clearly Flawed \n\nCUPERTINO, CA, Jan. 4 /CNW/ - Scion Capital, LLC today reminded the\nsecurityholders of Bolivar Gold Corp. (TSX: BGC) (TSX: BGC.TO) of the many\nreasons they should oppose the offer from Gold Fields Limited (NYSE: GFI) and\nencouraged them to vote their proxies AGAINST the proposed plan of arrangement\nas soon as possible to ensure their votes are counted at the scheduled January\n12 meeting.\n\nIn a letter being sent to all Bolivar securityholders today, Scion\nCapital, the company's largest shareholder, says:\n\n AN IMPORTANT MESSAGE TO BOLIVAR GOLD SECURITYHOLDERS\n\n THE PROPOSED GOLD FIELDS PLAN OF ARRANGEMENT IS NOT IN YOUR BEST\n INTERESTS\n\n PLEASE VOTE AGAINST IT BY SUBMITTING YOUR PINK AND/OR GREY PROXY\n CARDS BY JANUARY 9, 2006\n\nJanuary 3, 2006\n\nDear Fellow Bolivar Gold Securityholders:\n\nSince it was announced, we have expressed our opposition to the proposed\nacquisition of Bolivar Gold Corp. by Gold Fields Limited, because we are\nconvinced the Gold Fields' offer significantly undervalues Bolivar and the\ntransaction is not in the best interests of Bolivar securityholders. We\ncontinue to urge Bolivar securityholders to vote AGAINST the plan of\narrangement.\n\nAs we have described in our Dissident Proxy Circular dated December 15,\n2005 and other public statements, we believe Bolivar securityholders should\nreject Gold Fields' offer for the following reasons:\n\n- Gold Fields' offer significantly undervalues the common shares and\n convertible securities of Bolivar;\n\n- Gold Fields' offer does not recognize Bolivar's near-term prospects,\n and does not take into consideration Bolivar's expected and\n anticipated increase in gold resources;\n\n- Gold Fields' offer is opportunistic, and does not include a true\n premium for control of Bolivar's substantial assets;\n\n- The actions of Bolivar's officers and non-independent directors are\n rife with conflicts of interest;\n\n- Bolivar's officers' and non-independent directors' endorsement and\n irrevocable agreement to vote in favor of this transaction are in\n contradiction to the best interests of Bolivar securityholders;\n\n- Gold Fields' offer exploits the market's recent overreaction to\n perceived Venezuelan p...