From - Trading Room ---CRESCENT GOLD LTD (CRE): Focus Minerals...

From - Trading Room ---

CRESCENT GOLD LTD (CRE): Focus Minerals Ltd (FML) and Crescent Gold (CRE) have entered into a pre-bid Implementation Agreement whereby FML is offering for all the company shares. Consideration is 1 FML share for each 1.18 CRE shares held with fractions rounded up. Conditional on 90% minimum share acceptance. FML have entered into a pre-bid Acceptance Agreement with CRE's major shareholder, Deutsche Bank, which through its wholly owned subsidiary Gulara Pty Ltd owns 29.23% of CRE. The pre-bid agreement is in regard to 19.99% of CRE shares as at Announcement Date and Deutsche Bank has informed FML separately of its present intention to accept the offer for the remaining 9.33% CRE shares it holds, no later than five days prior to the end of the offer period, subject to no higher offer being made. CRE Directors have accepted the FML offer in regard to their own shareholdings and unanimously recommend shareholders do the same in the absence of a higher offer. FML are now entitled to 22.67% of the voting power. The offer remains open till 1 August 2011.