re: Ann: Recommended Takeover Offer for Yigar... BLACKCREST...

re: Ann: Recommended Takeover Offer for Yigar... BLACKCREST Resources is seeking to acquire unlisted public company Yilgarn Infrastructure with Yilgarn directors throwing their weight behind the off-market takeover bid.



The ASX-listed shell will make an off-market takeover offer for Yilgarn, which has recently entered into an agreement to purchase a Queensland coking coal project.

Yilgarn shareholders will be offered one Blackcrest share for every three Yilgarn shares held, post the consolidation of Blackcrest shares on a one-for-two basis.

Blackcrest will also complete a capital raising of $A500,000 and lodge a prospectus for the public offer and issue of its shares at 20c per share.

The directors of Yilgarn Infrastructure intend to unanimously recommend that Yilgarn Infrastructure shareholders accept the offer, in the absence of a superior proposal, Blackcrest said.

The directors of Yilgarn Infrastructure intend to accept the offers for all of the shares in Yilgarn Infrastructure they control, in the absence of a superior proposal.

The offer is subject to a number of conditions including due diligence.

Yilgarn was incorporated in 2005 to design and bid on key port and rail infrastructure for iron ore companies in the Mid West. However, it lost a competitive bid process for port infrastructure development to Oakajee Port and Rail, which was given preferred bidder status.

As well as cash and liquid asset holdings, Yilgarn Infrastructure brings considerable intellectual property, expertise and profile in the promotion and development of major transport infrastructure solutions for mining operations in remote locations, Blackcrest said.

Yilgarn Infrastructure also brings deep connections with customers, regulators and financiers in the sector.

Blackcrest is expected to provide Yilgarn shareholders with a bidders statement on or before March 11.