Business
Approach from Almonty Industries
Approach from Almonty Industries.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 3914L Ormonde Mining PLC 09 August 2013 \n \n\n9 August 2013\n \n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\n \nApproach from Almonty Industries\n \nThe Board of Ormonde Mining plc (\"Ormonde\") reports that it has received an unsolicited approach from Almonty Industries Inc. (\"Almonty\") to acquire Ormonde in a share for share exchange (1 Almonty share for every 12.2 Ormonde Shares), valuing the Ormonde shares at £0.057 based on a closing price for Almonty Shares of CAD$1.10. The proposal from Almonty is conditional, inter alia, upon the recommendation of the Board of Ormonde. \nThe Board of Ormonde considers this unsolicited approach from Almonty to be speculative, opportunistic and lacking in both strategic and economic merit for Ormonde shareholders. In addition the Board of Ormonde believes there would be negligible support from its shareholders for the proposal. Accordingly the Board of Ormonde has unanimously rejected this approach. \nCommenting on the approach, Mike Donoghue, Chairman of Ormonde stated: \n\"The key focus for Ormonde at this time is on making significant progress towards the development of its flagship tungsten project at Barruecopardo in Spain. Ormonde is not surprised that Almonty recognises the attractions of Barruecopardo. However, Ormonde's Board sees no merit for Ormonde shareholders exchanging shares in Ormonde for shares in Almonty at a value which the Board believes significantly undervalues Ormonde. The proposal would result in a significant dilution of Ormonde shareholders' ownership of Barruecopardo, whilst not providing funds required to develop the Barruecopardo Project.\"\nOrmonde Shareholders are strongly advised to take no action with respect to the approach from Almonty. \nThis announcement is made in accordance with the requirements of Rule 2.2 of the Irish Takeover Rules. \nEnquiries: \nOrmonde Mining plc\nKerr Anderson, Managing Director Tel: +353 (0)1 8253570\nDavy Corporate Finance (Nomad / ESM Adviser and Financial Adviser to Ormonde)\nEugenée Mulhern / Roland French Tel: +353 (0)1 6796363\n \nSP Angel Corporate Finance LLP (Joint Broker) \nEwan Leggat / Katy Birkin Tel: +44 (0)20 3463 2260\nBankside Consultants\nSimon Rothschild Tel: +44 (0)20 7367 8888&n...