REJECT AVOCA’S ALL SCRIP OFFERRecently you should have received...

REJECT AVOCA’S ALL SCRIP OFFER

Recently you should have received Avoca’s Offer to acquire all of your Dioro Shares.
Avoca is offering you 1 Avoca Share for every 2.82 Dioro Shares that you own.
Your Directors believe that Avoca’s Offer is inadequate on the basis that it does not fully value your Dioro Shares and is
opportunistically timed.
KPMG, the Independent Expert, has assessed that the value of a Dioro Share is in the range of $1.40 to $2.2 , with a
preferred value of $1.88, and concluded that the Offer is NOT FAIR AND IS NOT REASONABLE.
Your Directors unanimously recommend that you REJECT Avoca’s unsolicited, undervalued and opportunistic all scrip Offer.
Your Directors recommend that you take NO ACTION in relation to documents or phone calls received from Avoca.
The detailed reasons for the recommendation of rejecting the Offer are set out in Section 2 of this Target’s Statement.
Your Directors intend rejecting the Offer in respect of their personal holdings of Dioro Shares.
To reject the Avoca Offer, you should simply DO NOTHING and IGNORE all documentation sent to you by Avoca.
You are encouraged to carefully read this Target’s Statement in its entirety and to also read the Bidder’s Statement for more
details about the Offer and about Avoca.
If you have any doubt or questions in relation to the matters contained in this Target’s Statement or the Offer you should
consult a professional adviser or call our Shareholder information line on 1800 351 644 for callers within Australia or
+61 2 8256 3381 for callers outside Australia.
Yours sincerely
THADDEUS (TED) GROBICKI

http://www.dioro.com.au/Announcements.aspx