Nov 1 (Reuters) - Egan Street Resources Ltd (EGA) :
- CONFIRMS THAT ON 16 OCT IT RECEIVED PROPOSAL FROM ADAMAN RESOURCES, UNDER WHICH ADAMAN TO ACQUIRE CO FOR $0.40 PER SHARE IN CASH
- DIRECTORS OF CO CONTINUE TO UNANIMOUSLY RECOMMEND OFF MARKET TAKEOVER OFFER BY SILVER LAKE IN ABSENCE OF A SUPERIOR PROPOSAL
- PROPOSAL SUBJECT TO CONDITIONS, INCLUDING A $60MILLION FACILITY WITH REMAGEN CAPITAL MANAGEMENT PTY LTD TO FUND ACQUISITION
- EGANSTREET BOARD NOTES THAT NON-BINDING, INDICATIVE AND INCOMPLETE ADAMAN PROPOSAL IS CONDITIONAL
- CO NOTES INCREASED CONSIDERATION UNDER SILVER LAKE RESOURCES LTD OFF- MARKET TAKEOVER OFFER
- GIVEN INCREASED SILVER LAKE OFFER CONSIDERATION CO'S BOARD WILL ADVISE ADAMAN THAT IT WILL CEASE DISCUSSIONS WITH THEM
- NO CERTAINTY OR GUARANTEE THAT EGANSTREET WILL RECEIVE A BINDING OFFER FROM ADAMAN
