BHP's bid for UMC to fund Thundelarra growth15:40, Friday, 16...

BHP's bid for UMC to fund Thundelarra growth
15:40, Friday, 16 October 2009

Sydney - Friday - October 16: (RWE Aust Business News) -
Thundelarra Exploration Ltd (ASX:THX) sold 2.15m shares in United
Minerals Corporation NL (ASX:UMC) on market this morning, realising
$2.7m before costs.
This follows the announcement today that BHP Billiton Ltd
(ASX:BHP) had made a takeover bid for UMC at $1.30 cash a share via a
scheme of arrangement.
Thundelarra remains the largest shareholder in UMC with 18.0m
shares, valued by the BHP bid at $23.4m.
Proceeds of today's share sale satisfy Thundelarra's medium-term
funding requirements.
Thundelarra intends to retain the 18m UMC shares and support the
proposed scheme of arrangement.
However, it has reserved the right to divest all or part of its
remaining UMC shareholding if it receives an alternative offer that it
considers to be in the best interests of its shareholders.
"Following completion of the scheme of arrangement or
alternative divestment of the UMC shareholding, Thundelarra will be in a
very strong financial position to aggressively progress the further
development of the company's Northern Territory uranium projects,"
directors said.
ENDS rx