Australia's Summit advises shareholders to take no action on hostile Paladin bid |
|
|
|
Published
:
Tue, 27 Feb 2007 06:58
|
SYDNEY (XFN-ASIA) - Australian and New Zealand listed exploration company Summit Resources Ltd said it has advised its shareholders not to take any action regarding a 1.01 bln aud scrip offer from uranium miner Paladin Resources Ltd.Paladin earlier announced it was offering one of its shares for every 2.04 Summit shares.Summit chief executive Alan Eggers said the offer is hostile and in his opinion is designed to capture value that would otherwise flow to Summit's shareholders.Eggers said Summit will continue to progress its Mt Isa uranium project in Queensland and forge ahead on other fronts. Summit is is looking for copper, gold and other minerals as well as uranium in eastern Australia.Paladin, which mines uranium in Namibia, said it is one of a handful of companies with the ability to bring uranium deposits held by Summit into development.It said the offer provides Summit shareholders an attractive premium of around 34 pct to the volume weighted average price of Summit shares on the ASX for the 10 trading days prior to its bid.Summit closed up 1.12 aud or 28 pct at 5.12 while Paladin closed down 0.29 aud at 10.01.(1 usd = 1.26 aud)bruce.hextall@xfn.com
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2630.24 |
+33.88 (
1.30 %)
|
| SYMBOL (
2007-09-28 ) |
| LAST |
CHANGE
|
|
LONMIN
(
11:35am )
|
|
3649.00 |
+251.00 (
7.28 %)
|
|
CARNIVAL
(
11:35am )
|
|
2374.00 |
+157.00 (
7.07 %)
|
|
RIO TINTO
(
11:35am )
|
|
3528.00 |
+65.00 (
1.89 %)
|
| SYMBOL (
2007-09-04 )
|
| LAST |
CHANGE
|
| SYMBOL (
2007-09-04 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Australia's Paladin makes 1.011 bln aud takeover for Summit Resources 