Business
Ormonde welcomes Irish Takeover Panel Statement
Ormonde welcomes Irish Takeover Panel Statement.
About this update from Ormonde Mining Plc
[{"type":"text","content":"\n \nRNS Number : 8550V Ormonde Mining PLC 18 December 2013 \n \n\n18 December 2013\n \nOrmonde Mining plc\n(\"Ormonde\" or \"the Company\")\nOrmonde welcomes Irish Takeover Panel Statement\n \nThe Board of Ormonde Mining plc (\"Ormonde\") welcomes today's imposition by the Irish Takeover Panel of a 31 January, 2014 deadline by which Almonty Industries Inc. (\"Almonty\") must either announce an offer for Ormonde under Rule 2.5 of the Irish Takeover Rules or announce that it will not proceed with an offer for Ormonde.\n \nAlmonty has now had the benefit of a period of more than 4 months to date to advance an offer following its original proposal of a share for share exchange which triggered the commencement of an offer period on 9 August, 2013. \n \nOver this period, Almonty's share price has fallen by approximately 30% from a closing price on 8 August, 2013 (the last day prior to the commencement of the offer period) of CAD$1.10 to a closing price on 17 December, 2013 (the last day prior to the issue of this announcement) of CAD$0.77, valuing the issued share capital of Almonty at approximately CAD$28.5 million (approximately Stg£16.5 million). Over this same period, the total shares traded in Almonty on the TSX represented 0.32% of its issued share capital, with an aggregate value of approximately CAD$107,000. This fall in share price and low level of liquidity follows a period over which Almonty reported a loss after tax of CAD$1.656 millionin respect of the three months ended 30 June, 2013 (the last period in respect of which Almonty has reported financial information).\n \nThis together with the fact that the current liabilities reported by Almonty as at 30 June, 2013 (CAD$8.914 million) were 40% higher than current assets as at 30 June, 2013 contributes to Ormonde's view that Almonty's stated interest in Ormonde, and in Barruecopardo in particular, is opportunistic and, having regard to the less than robust financial position of Almonty Industries, without merit for Ormonde shareholders. \n \nThe Board of Ormonde remains firmly and unanimously of the view that the proposal from Almonty lacks both strategic and economic merit. Advancing the flagship tungsten project at Barruecopardo is the Ormonde Group's immediate priority and in this context, final clarity on the intenti...