Focus Relevant Interest Over 50% in Crescent
Published : August 03, 2011
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Keywords :   Australia | Gold | Market |

PERTH, WESTERN AUSTRALIA--(Marketwire - Aug. 2, 2011) - Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CZ8) and Focus Minerals Limited (News - Market indicators)(FRANKFURT:FZA) -

  • Focus has a relevant interest of 51.32% in Crescent shares as at 2 August 2011
  • Deutsche Bank intends to accept in respect of its remaining 8.48% holding in Crescent shares subject to there being no superior proposal
  • Focus has advanced A$6 million to Crescent from the A$10 million working capital facility
  • Crescent Board continues to unanimously recommend shareholders accept the offer in the absence of a superior proposal
  • Crescent Board has provided acceptances for all shares held or controlled by them in respect to offer

Focus Minerals Limited (News - Market indicators)(FRANKFURT:FZA) is pleased to announce it has received acceptances for its takeover representing a majority of the issued shares of Crescent Gold Limited (TSX:CRA)(ASX:CRE)(FRANKFURT:CZ8). Focus' relevant interest in Crescent has increased to 51.32%, which now places Focus in a very strong position with the prospect of a rival offer emerging considered very low.

Focus has advanced $6 million of the $10 million working capital facility and further drawdowns are scheduled to be advanced in early August. The loan is repayable in full in the event the shareholders do not approve the conversion of the loan at the shareholders meeting on 18 August 2011 and also in the event that a superior proposal concludes.

On 20 June 2011 Focus and Crescent announced that they had agreed to merge by way of an off-market takeover offer for Crescent by Focus. The Offer consideration is 1 Focus share for every 1.18 Crescent Shares, representing a 30.5% premium based on the closing prices of Crescent shares and Focus shares on 17 June 2011, the last trading day prior to the announcement of the Offer. The Offer opened on Thursday 30 June 2011 and closes on 15 August 2011 (unless extended).

The Crescent Board has unanimously recommended that, in the absence of a superior proposal, ALL CRESCENT SHAREHOLDERS SHOULD ALSO ACCEPT THE OFFER. The Board members have all provided acceptances in respect of shares held or controlled by them in respect of the Offer.

The Offer also has the explicit support of Crescent's major shareholder Gulara Pty Ltd (a wholly owned subsidiary of Deutsche Bank AG), which on 17 June 2011 entered into a pre-bid agreement for 19.99%(1) of Crescent Shares. Deutsche Bank has also informed Crescent that its intention is to accept the Focus offer for its remaining 8.54% holding no later than five days prior to the end of the Offer period, subject to there being no superior proposal. 

Acceptance forms have been provided to shareholders. Shareholders who hold their Crescent Shares through CHESS can instruct their broker to accept the Offer on their behalf.

If you have any queries in relation to the Offer, please do not hesitate to contact the Focus Offer information line on 1800 648 622 (toll-free within Australia) or +61 2 8256 3377 (international) between 9.00am and 5.00pm (AEST), Monday to Friday.

(1) As at the date of announcement of the transaction, being 20 June 2011, now 18.36%, due to dilution from exercise of convertible notes.



Focus Minerals Ltd
Campbell Baird
Chief Executive Officer
+61 8 9215 7888
or
Focus Minerals Ltd
Neil Le Febvre
Investor Relations
+61 8 9215 7888
or
Crescent Gold Limited
Mark Tory
Managing Director
+ 61 8 6380 7100
www.crescentgold.com
or
Cannings Corporate Communications
Michael Mullane
Media Relations
+61 2 8284 9990
Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Focus Minerals Ltd.

PRODUCER
CODE : FML.AX
ISIN : AU000000FML4
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Focus Min. is a gold development stage company based in Australia.

Focus Min. holds various exploration projects in Australia.

Its main assets in production are COOLGARDIE, MOUNT GOLD and TINDALS MINING CENTRE in Australia and its main exploration properties are NEPEAN MINE, MOUNT (REDEMPTION JV), LAKE COWAN and TREASURE ISLAND in Australia.

Focus Min. is listed in Australia and in Germany. Its market capitalisation is AU$ 53.0 millions as of today (US$ 37.7 millions, € 33.2 millions).

Its stock quote reached its highest recent level on March 05, 2004 at AU$ 9.75, and its lowest recent point on March 13, 2020 at AU$ 0.15.

Focus Min. has 182 750 000 shares outstanding.

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Annual reports of Focus Minerals Ltd.
FY12 Annual Report & September Quarterly Report
Nominations of Focus Minerals Ltd.
7/5/2011Crescent Directors Accept the Focus Offer
4/20/2011Appoints two new directors to board
1/14/2009Appointment of Chief Operating Officer
3/4/2008 Appoints Mining Contractor, Signs Toll Treatment Agreement ...
Project news of Focus Minerals Ltd.
7/11/2011June Gold Production up 34%
6/8/2011Open Briefing: CEO on Production Ramp-Up and Outlook
5/23/2011(Tindals Mining Centre)Commences production at Tindals open pits
4/19/2011(Tindals Mining Centre)Commences development of three new open pits at Tindals Mini...
3/17/2011(Mount Gold)Production set for significant boost as mining starts at The...
3/4/2011(Treasure Island)Focus acquires remaining stake in Treasure Island gold proje...
3/1/2011(Tindals Mining Centre)High-grade results point to more open pit resources at Tinda...
2/10/2011(Tindals Mining Centre)Resources upgrade and bumper drilling results highlight stro...
1/24/2011(Coolgardie)High-grade intercepts at Big Blow strengthen Tindals open pi...
1/12/2011(Coolgardie)Hits target with production of 21,000oz in December quarter
6/15/2010Acquires High-Grade Gold-Copper Project in WA
9/7/2009(Mount (redemption Jv))Poised to Become Significant Mid-Tier Gold Producer After Se...
9/7/2009(Mount (redemption Jv))Commencement of Mining at The Mount
8/11/2009(Tindals Mining Centre)High Grade Intercepts at Tindals Mining Centre
8/11/2009(Tindals Mining Centre)Exploration Drilling Delivers Further High-Grade Gold Interc...
2/12/2009(Coolgardie)80% Increase in Gold Resources at Brilliant Deposit, Coolgar...
5/28/2008Commencement of Nepean Drilling Programme to Underpin Ongoin...
4/29/2008(Coolgardie)Delivers Maiden Gold Pour at Coolgardie Project, Western Aus...
4/3/2008(Perseverance) Upgraded Gold Reserves at Perseverance Gold Deposit Boosts ...
4/2/2008(Nepean Mine)Outstanding High-Grade Nickel Intercepts Enhance Nepean Proj...
3/26/2008(Coolgardie)Substantial Resource Upgrade for Countess Gold Deposit, Cool...
3/7/2008(Coolgardie)unveils $64m Strategy to Buyout Cooolgardie Gold JV
2/19/2008(Coolgardie)Further Resource Upgrade for High-Grade Perseverance Gold De...
Corporate news of Focus Minerals Ltd.
6/9/20162015 Annual Report
4/29/2016March Quarterly Activities and Cashflow Report
4/29/2016Coolgardie and Laverton Exploration Update
4/18/20162015 Annual Report
3/31/20162015 Full Year Financial Accounts
1/29/2016December 2015 Quarterly Activities and Cashflow Report
1/27/2016More Evidence of Significant System at Karridale
11/17/2015Maiden High Grade Resource For Bonnie Vale
10/29/2015September 2015 Quarterly Activities and Cashflow Report
10/16/2015Bonnie Vale Resource Modelling Commences
8/25/2015Correction to Quarterly Activities and Cashflow Report
7/29/2015June 2015 Quarterly Activities and Cashflow Report
7/24/2015Coolgardie Exploration Update: Bonnie Vale Continues to Deli...
4/13/2015Laverton Exploration Update
3/31/2015Focus Minerals Limited – Financial Report YE 2014
2/11/2015Coolgardie Exploration Update
2/11/2015Focus Minerals Ltd December 2014 Quarterly
12/4/2013Director Retirement
12/4/2013AGM Address
2/5/2013Management Change
1/31/2013December Quarterly Report
9/28/2012FY12 Full Year Results
8/7/2012Diggers & Dealers Presentation
10/13/2011Crescent Gold Board Changes
9/1/2011Launches iPad App on the Apple iTunes Store
8/3/2011Relevant Interest Over 50% in Crescent
6/29/2011and Crescent Release Their Bidder's and Target's Statements
6/20/2011Takeover of Crescent Gold by Focus Minerals
4/14/2011On track to accelerate growth plans after completing $7m SPP...
2/7/2011To report 28% rise in interim profit to $6.2M
1/31/2011December 2010 Quarterly Report
8/24/2010Profit Guidance - Record full year net profit
7/29/2010June 2010 Quarterly Activities Report
7/29/2010Quarterly Report for the Period Ending 30 June 2010
7/16/2010Outstanding Copper Grades from Sampling at Treasure Island
7/7/2010On Track to Produce 80,000oz for Calendar Year 2010 - Over 4...
6/3/201080% Increase in Gold Resources at Cyanide Deposit
4/30/2010March 2010 Quarterly
4/30/2010Activities Report For The Quarter Ended 31 March 2010
3/4/2010Delivers First Half A$4.9m Interim Net Profit
1/28/2010Activities Report For The Quarter Ended 31 December 2009
1/27/2010Signs Deal with La Mancha
11/26/2009Market Update
11/9/2009Record Milling Campaign Delivers Gold Production of ~ 21,900...
10/27/2009September Activities Report
10/19/2009Audio Presentation to the Australian Gold Conference
9/17/2009 (Audio) Focus Announces Maiden 2009 Year Net Profit - Mr Ca...
9/9/2009(Audio) Emerging Mid-Tier Gold Producer Steps Closer to Prod...
8/12/2009Signs Mill Treatment Exclusivity Agreement with Matsa Resour...
7/29/2009(Audio) Board Room Radio Broadcast
7/23/2009June Quarterly Activities Report
6/30/2009Delivers Record Gold Production of 19,226oz From Recent Mill...
2/24/2009Landmark A$28M Capital Raising To Fund Aggressive Growth Str...
1/23/2009 Activities Report for the Quarter Ended 31 December 2008
12/1/2008(Tindals Mining Centre)69% Increase in Probable Ore Reserves at Tindals Mining Cent...
11/26/2008Chairman's Supplementary Statement - AGM 25th November 2008
7/29/2008June Quarterly Report
5/1/2008Completes Settlement of JV Acquisition
5/1/2008Quarterly Activities Report
3/11/2008Completes $14M Placement, Announces Details of Share Purchas...
1/31/2008December 2007 Quarterly Activities Report
1/31/2008Enters into Exclusivity Agreement to Negotiate the Proposed ...
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