CSM cosmo gold limited

CONSMIN SAGA CONTINUES Brian Gilbertson refuses to say dieOne of...

Currently unlisted. Proposed listing date: TBA
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    CONSMIN SAGA CONTINUES
    Brian Gilbertson refuses to say die
    One of Australia’s most serialised takeover battles looked like it could have been bedded down when the prey, Consolidated Minerals Ltd, indicated the Ukrainian group Palmary was in the front row. However, Brian Gilbertson’s Pallinghurst Resources is increasing its offer.

    Author: Ross Louthean
    Posted: Friday , 12 Oct 2007

    PERTH -

    Consolidated Minerals Ltd (ASX: CSM, AIM: CNM, FSE: CMN) received notification Friday from Pallinghurst Resources of a further increase in its unconditional cash takeover offer for all of ConsMin's issued shares in CSM to a price of $A4.50/share ($US4.05). Pallinghurst has also revised its "top-up" payment as part of its offer.

    ConsMin's managing director Rod Baxter today said the company will provide guidance to shareholders as soon as it has completed its assessment.

    On Thursday ConsMin spelled out that Palmary $A4.50/share conditional cash proposal has been recommended by directors, in the absence of a superior offer, and had continued access to relevant company due diligence information.

    Palmary announced on October 10 that it has received confirmation from Australia's Foreign Investment Review Board that the Treasury has no objection to Palmary's takeover offer. However, Baxter said yesterday that Palmary's offer cannot be subject to acceptance until it lodges its bidders statement on or before next Wednesday.

    The takeover bidding in the past four months also drew in Territory Resources Ltd and Norwegian metals group Tinfos, but Territory and Tinfos were backstage in the battle by early September. Pallinghurst had started the takeover war with an original bid for shares of $A2.30 ($US2.07).
 
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