Herald Resources Ltd

Published : June 20th, 2008

Media Tango Offer for Herald Resources is Declared Unconditional

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Keywords :   Australia |

                                

 

 

 

JOINT NEWS RELEASE

 

Release Time:           Immediate

 

Date:                           20 June 2008

 

 

TANGO OFFER FOR HERALD RESOURCES IS DECLARED UNCONDITIONAL

 

Tango Mining Pte. Ltd. ("Tango"), the special purpose vehicle owned by PT Antam Tbk ("Antam") and Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd ("Zhongjin"), formed to make the takeover offer for Herald Resources Limited ("Herald"), announces that it has waived the 50.1% minimum acceptance condition, being the last condition of the Tango Offer as set out in the Bidder?s Statement dated 7 March 2008.

 

The $2.80 cash Tango Offer is now UNCONDITIONAL.

 

Herald?s directors recommend shareholders ACCEPT THE UNCONDITIONAL TANGO OFFER, in the absence of a superior proposal, and have done so for their own shares.  At the same time they withdraw their recommendation of the conditional Calipso Offer and unanimously recommend shareholders DO NOT ACCEPT THE CALIPSO OFFER.

 

Shareholder Information

 

The Tango Offer is currently scheduled to close at 5pm Perth time on Wednesday, 1 July 2008 (unless further extended).

 

Herald shareholders will be paid the certain cash offer price of $2.80 per Herald share within 12 days of acceptance, or 12 days from the date of this announcement (for those Herald shareholders who have already accepted into Tango?s Offer).

 

Tango notes that the competing takeover offer of Calipso still remains subject to a minimum acceptance condition of 50.1% which does not provide Herald shareholders with a certain outcome. Tango advises Herald shareholders to ACCEPT the certain Tango cash offer of $2.80 per Herald share which will enable Herald shareholders to receive payment within 12 days of acceptance.

 

Tango will shortly issue a Supplementary Bidder?s Statement in relation to the Tango Offer price being increased to $2.80 (announced on 17 June) and in relation to the Tango Offer becoming unconditional.  

 

Herald shareholders can accept the Tango Offer by completing the Acceptance Form sent to them in the original Tango Bidder's Statement and also included in the Third Supplementary Bidder's Statement dated 3 June 2008, which has also been sent to them. 

 

For further information please contact:

 

Herald Shareholders

The Tango Offer Information Line

 

For callers within Australia

1300 731 918

(toll-free for callers within Australia)

For callers outside Australia

+61 3 9415 4696

 

 

Australian Media and Analysts

Purple Communications (Tango)

Porter Novelli (Herald)

Mr. Warrick Hazeldine

Director

Tel: + 61 8 9485 1254

Mr. John McGlue

Director

Tel: + 61 8 9386 1233

 

 

 

 

***

The new Spam

 

Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au    

 

 



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Herald Resources Ltd

DEVELOPMENT STAGE
CODE : HER.AX
ISIN : AU000000HER4
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Herald Res. is a zinc and lead producing company based in Australia.

Herald Res. develops zinc, lead, gold and silver in Australia and in Indonesia, and holds various exploration projects in Australia and in Indonesia.

Its main assets in development are DAIRI in Indonesia and MONTAGUE WHISTLER in Australia and its main exploration properties are MELUAK GOLD PROJECT, TIKUS and BELITUNG ISLAND (KELAPA KAMPIT) in Indonesia and CRATER GOLD in Australia.

Herald Res. is listed in Australia. Its market capitalisation is AU$ 187.3 millions as of today (US$ 171.6 millions, € 114.6 millions).

Its stock quote reached its highest recent level on June 13, 2008 at AU$ 2.99, and its lowest recent point on December 12, 2008 at AU$ 0.01.

Herald Res. has 211 676 803 shares outstanding.

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1/17/2008(Dairi) Dairi Project Updated Definitive Feasibility Study Results
1/3/2008(Dairi)ANNOUNCES BOOST FOR DAIRI PROJECT
5/25/2007(Dairi)Dairi Zinc/Lead Project - Exploration UpdateContent-class: u...
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7/15/2008Tango Mining: Tango Will Not Extend Cash Offer for Herald Re...
6/25/2008Bumi Goes Unconditional - Herald Directors Call for End to B...
6/20/2008Media Tango Offer for Herald Resources is Declared Uncondit...
6/3/2008Tango Announces a Revised Two-Tier $2.60 - $2.65 Recommended...
5/27/2008Takeover Update
4/28/2008Takeover bid for Herald Resources Limited (HER) by Tango Min...
2/7/2008 Upgrade of Resouce Estimate at Lae Jehe
2/1/2008December 2007 Quarterly Report
1/29/2008Market Update
1/17/2008 Takeover Offer from PT Bumi/Discussions with Other Parties
1/7/2008Update on Takeover Bid
12/20/2007 Update on Takeover Bid
12/12/2007 Advice to Shareholders Regarding Bid
10/31/2007 September Quarterly Report
5/23/2007Dairi Project Update
5/26/2006US$62M bank finance offer for Dairi project
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AUSTRALIA (HER.AX)
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