It's not often I do this, but it seems I was right about something. Found the below on the Camec website, they have withdrawn the offer for Omega due to the Mavuzi spin off. I will be very interested to see what impact this has on the share price, it could go either way really, hopefully for holders it is north rather than south.
Central African Mining and Exploration Company Plc
CFM/ Index: AIM/ Sector: Mining & Exploration
13 June 2007
Central African Mining & Exploration Company Plc ('CAMEC' or 'the Company')
withdraws all-share bid for ASX listed OmegaCorp Limited ('OmegaCorp')
Central African Mining and Exploration Company Plc, the AIM quoted fully
integrated exploration, mining, trading and investment company announces that it
has withdrawn its takeover bid for Australian Securities Exchange listed
OmegaCorp Limited (ASX: OMC) and will not be despatching offers in relation to
that bid.
CAMEC has been informed by OmegaCorp that OmegaCorp is both bound to proceed
with the initial public offering of Mavuzi Resources Limited and intends to do
so. OmegaCorp has also confirmed that certain of the relevant assets have been
disposed of after the announcement of the CAMEC bid.
On this basis, it appears a number of bid conditions have been breached (and
there will be further breaches once the initial public offering proceeds). CAMEC
regards a breach of these conditions as commercially fundamental to its bid and
it will rely on them. In these circumstances, CAMEC will not continue with the
bid process.
OMC
omegacorp limited
