increased offer for irn, page-5

Probably be put in pre open.

I would suggest it is game set and match for LST.

Well done all round folks!

Phil

Sydney - Friday - June 20: (RWE Aust Business News) - Indophil
Resources (ASX:IRN) chief executive Richard Laufman, the Alsons Group and
Hong Kong investment bankers Crosby Capital Partners will make a
conditional cash takeover offer of $1.28 a share for the entire issued
share capital of Indophil.
Mr Laufmann, Crosby and Alsons will make the offer by
way of an off-market bid through a special purpose vehicle for all the
ordinary shares valuing Indophil at approximately $540 million on a fully
diluted basis.
This bid presents significantly superior value to Indophil
shareholders as compared with the Xstrata offer for Indophil which has
been made at $1 per share.
Importantly, the investor group has secured the unanimous
recommendation for the acceptance of the offer from the independent
directors of Indophil, in the absence of a superior offer.
The independent directors have stated that they intend to accept
this offer for their own holdings of Indophil shares.
"The management team, including myself, together with the board,
have been actively seeking alternative proposals for the company to
ensure the maximization of its value, in response to Xstrata's offer
announced in May," Mr Laufman said.
"As part of this effort I have decided that it is in the best
interests of the company and the shareholders and its various important
stakeholders that I should present an alternative and superior offer for
the company that better reflects its true value.
"The independent board has requested, and I have agreed, that I
remain in my position at Indophil and continue with the operational and
strategic running of the business during this period. However, as would
be expected, I will no longer be involved in the board's consideration of
any offer to acquire the company."
The offer price of $1.28 per share represents a 10.8pc premium to
the closing share price of $1.155 on 19th June 2008.
It is subject to a pre-condition that Lion Selection (ASX:LST)
does not procure the acceptance of some or all of its Indophil shares (or
the shares of its related bodies corporate) into the takeover bid made by
Xstrata Queensland for Indophil.
If this pre-condition is breached, then the investor group would
not be obliged to proceed with the offer.