1 for 5.77 in specie spinoff

Letter to option holders just released, in it stating:

"Polaris is also proposing to distribute in specie the 22,000,000 Southern Cross Goldfields shares it holds to its shareholders ("Distribution") (subject to ASX and shareholder approval, which will be sought at a meeting of Polaris shareholders proposed to be held on 11 February 2008). Based on Polaris' existing capital structure, under the Distribution Polaris shareholders will receive 1 Southern Cross Goldfields share for every approximately 5.77 Polaris shares held on a record date to be determined in accordance with the Listing Rules, with the final ratio depending on the number of Polaris options exercised prior to then."




cheers.