14/07/2009 - 09:19

Cape Lambert reveals $16.2m Corvette bid

14/07/2009 - 09:19

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Acquisitive Cape Lambert Iron Ore has revealed further details of its takeover bid for Corvette Resources, with the offer valued at a total of $16.2 million.

Acquisitive Cape Lambert Iron Ore has revealed further details of its takeover bid for Corvette Resources, with the offer valued at a total of $16.2 million.

The Tony Sage-led Cape Lambert said it will make an all-scrip offer for the rest of the shares it does not own in Corvette.

Cape Lambert has a 20 per cent shareholding in Corvette, a stake it acquired from collapsed company CopperCo after buying its assets, including the Lady Annie copper mine in Queensland, for around $27 million.

Cape Lambert said it will make an all-scrip offer to Corvette shareholders, with shares to be valued at the same price it acquired them from its acquisition of CopperCo, being 14 cents each.

Based on the total number of shares on issue, the offer values Corvette at $16.2 million.

Shares in Corvette slipped 0.5 cents to 13c at 10:54 AEST.

Cape Lambert is currently finalising its bidder's statement, which will be lodged with the Australian Securities Exchange and Australian Securities and Investments Commission shortly.

Corvette has recommended shareholders take no action on the takeover.

Shares in Cape Lambert climbed 0.5c to 32.5c.

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