Delta und Ross Mining, soll man - 500 Beiträge pro Seite

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[howling wolf]

Anbei das Schreiben des Ross Managements, das die Zustimmung empfiehlt: ( nachzulesen auf der website der Ross Mining )

Dear Shareholder ( 28 March, 2000 )

I am writing to you in relation to the recommended takeover offer from Delta Gold Limited.

As a founding Director of Ross Mining, I can assure you that the decision to merge with Delta was not taken lightly. The proposal results from a carefully considered initiative by Ross Mining dating back to the first half of 1999. During that time, gold prices reached historical lows, and it became clear that institutional investor support for small to medium sized gold mining companies was waning, resulting in lower share prices.

Ross Mining’s share price has also been affected by negative publicity related to challenges faced in the development of the Gold Ridge Mine, perceived higher country risk in the Solomon Islands, and delays and cost overruns during the development of the Timbarra Mine. This decline in the share price is illustrated in annexure 3, page 3 of Ross Mining’s Part B document.

Global changes in the investment climate have made it more difficult for Ross Mining to realise its potential and to grow further on its own. Teaming up with Delta Gold will strengthen the Company in the short term and will promote growth in the long term. The proposal to merge with a compatible company with low-cost, long-life assets is an integral part of determining our own destiny.

The merger with Delta will create Australia’s fourth largest gold mining company. Following the merger, Ross Mining shareholders will own nearly 20 percent of the enlarged Delta Gold. This places you in a good position for when the market again favours gold. I personally believe that gold has a great future.

Following the receipt of all regulatory approvals, the offer now only remains conditional upon minimum acceptance of 50.1%. To date acceptances for 62,566,778 shares representing 28.19% of Ross Mining shares on issue have been received by Delta.

Whilst the merger is in progress, it has been decided to postpone financing decisions in connection with extra fleet requirements for Gold Ridge. As a consequence, the forecast improvements in production and cash costs from the mining of Kupers and Dawsons will be delayed by approximately two months. This decision was taken in consultation with Delta Gold.

As advised earlier by all Directors of Ross Mining, I again recommend that you now accept the offer. The closing date of the offer is 17 April 2000.

Yours sincerely
ROSS MINING NL


Bertus de Graaf
Managing Director and Chief Executive Officer

Gruss HW

[fischli]

Delta Gold ist nach eigener Auskunft bereits im Besitz von 50,2 % der Ross Anteile.

Mining News
Fri, 14 Apr 2000, 7:19pm EST

Delta Gold Moves to Majority Stake in Ross Mining
Takeover Bid
By Stephen Wisenthal

Sydney, April 13 (Bloomberg) -- Delta Gold Ltd., Australia`s
fourth largest gold miner, said it has acceptances for more than
half the shares of Ross Mining NL, clearing the way for it to
remove all conditions on its A$81 million ($48 million) bid.

The Sydney-based company said it now controls 50.2 percent of
the shares in Ross, whose main asset is the Gold Ridge mine in the
Solomon Islands. This exceeds its requirement of gaining more than
50.1 percent.
``All of the main conditions have been fulfilled,`` said Bill
Beerworth, managing director of Sydney-based corporate finance
firm Beerworth & Partners, which is advising Delta on its bid for
Ross.

The offer is still subject to ``prescribed occurrences``
conditions, which would allow Delta to pull out if there were a
material change in Ross`s business before the bid deadline on
April 28. Its board may choose to waive those conditions before
the deadline.

Delta is offering one of its shares for every 4.5 shares in
Ross. The bid was worth A$107.5 million when it was announced at
the beginning of March, though Delta shares have since fallen 25
percent.

Delta shares fell 2.8 cents, or 1.7 percent, to A$1.642,
valuing its bid at 36.5 cents a Ross share. Shares in Brisbane-
based Ross fell as much as 0.5 cents, or 1.4 percent, to 35.5
Australian cents.

gruese
fischli

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Danke für eure news, so wies also aussieht, soll man annehmen. Was habt ihr alle gemacht, hat schon jeder dem Umtausch zugestimmt?