LOL, too conditional... so BMN says to Hanlong, you can takeover us, but cannot do due diligence... lol what reasoning is that? So is the board after price or after no due diligence and they don't want jobs? ie. its too conditional with "continuity of Bannerman senior management"... how funny can this be...
But at least discussions are progressing with Hanlong is positive. We don't wanna end up like WHC or BND? they put themselves on auction and asked for a too high price with no binding offers surfaced...
Message to the board: DO THE RIGHT THING... ACCEPT.
Bannerman continuing discussions with China?s Hanlong
By: Esmarie Swanepoel 31st August 2011
PERTH (miningweekly.com) − Uranium hopeful Bannerman Resources on Wednesday told delegates at the Africa Downunder conference that it was still engaging in discussions with its Chinese suitor Hanlong Mining, along with other potential development partners.
CEO Len Jubber said that the company was exploring ?all options to deliver the best possible outcome for shareholders?.
Privately owned Hanlong bid A$143-million for the ASX- and TSX-listed firm on July 10, by offering A$0.612 cash per share. However, Bannerman declined its request for three months of exclusive talks saying the offer was too conditional.
Some of the key conditions of the offer include Hanlong concluding a due diligence by the end of September, as well as major shareholder approval, board recommendation and the continuity of Bannerman senior management.
Bannerman has previously reported that its discussions with Hanlong could take ?some months?.
Bannerman is the owner of the Etango uranium project, on which a feasibility study would be completed by the end of March.
As part of the study, the company is investigating increasing the plant?s throughput by 33%, which would result in a 20% production increase to between six-million and eight-million pounds a year, up from the original estimate of between five-million to seven-million pounds a year.
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