Tango Mining Pte. Ltd. ("Tango"), the special purpose vehicle owned by PT ANTAM Tbk ("ANTAM") and Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd ("Zhongjin"), formed to make the takeover offer for Herald Resources Limited ("Herald"), announces that it has waived the 50.1% minimum acceptance condition, being the last condition of the Tango Offer as set out in the Bidder’s Statement dated 7 March 2008.
The $2.80 cash Tango Offer is now UNCONDITIONAL.
Herald’s directors recommend shareholders ACCEPT THE UNCONDITIONAL TANGO OFFER, in the absence of a superior proposal, and have done so for their own shares. At the same time they withdraw their recommendation of the conditional Calipso Offer and unanimously recommend shareholders DO NOT ACCEPT THE CALIPSO OFFER.
Shareholder Information
The Tango Offer is currently scheduled to close at 5pm Perth time on Tuesday, 1 July 2008 (unless further extended).
Herald shareholders will be paid the certain cash offer price of $2.80 per Herald share within 12 days of acceptance, or 12 days from the date of this announcement (for those Herald shareholders who have already accepted into Tango’s Offer).
Tango notes that the competing takeover offer of Calipso still remains subject to a minimum acceptance condition of 50.1% which does not provide Herald shareholders with a certain outcome. Tango advises Herald shareholders to ACCEPT the certain Tango cash offer of $2.80 per Herald share which will enable Herald shareholders to receive payment within 12 days of acceptance.
Tango will shortly issue a Supplementary Bidder’s Statement in relation to the Tango Offer price being increased to $2.80 (announced on 17 June) and in relation to the Tango Offer becoming unconditional. Herald shareholders can accept the Tango Offer by completing the Acceptance Form sent to them in the original Tango Bidder's Statement and also included in the Third Supplementary Bidder's Statement dated 3 June 2008, which has also been sent to them.
