02/11/2007 - 10:49

Palmary confirms no interest in mystery ConsMin stake

02/11/2007 - 10:49

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Palmary Enterprises has stated categorically that it does not have an interest in a mystery 16 per cent shareholding in takeover target Consolidated Minerals Ltd, nor does its president Gennadiy Bogolyubov or his business associate Igor Kolomoisky.

Palmary Enterprises has stated categorically that it does not have an interest in a mystery 16 per cent shareholding in takeover target Consolidated Minerals Ltd, nor does its president Gennadiy Bogolyubov or his business associate Igor Kolomoisky.

Palmary, which has a declared 14.3 per cent stake in ConsMin, said it has obtained written confirmation that the mystery shares are held by companies owned by three stockbrokers in Ukraine.

The Palmary statement followed press reports indicating that Palmary has an interest in at least part of the 16 per cent stake, via Mr Bogolyubov's association with Mr Kolomoisky.

It also followed a statement by rival bidder Pallinghurst Resources Ltd that it had "prima facie evidence that they act as associates in respect of Palmary's offer for ConsMin".

Palmary also clarified its ownership for the first time, followng reports that it was an arm of Ukraine's PrivatBank, which is controlled by Messrs Bogolyubov and Kolomoisky.

Palmary, which is registed in the South American country of Belize, said it is 100 per cent controlled by Mr Bogolyubov.

"Although Mr Bogolyubov and Mr Kolomoisky have significant interests in PrivatBank, Mr Bogolyubov has significant business interests which are entirely separate from Mr Kolomoisky and PrivatBank," it said in a statement.

 

A Palmary statement is pasted below:

 

Palmary confirms it is not the owner of the undisclosed shareholding in Consolidated Minerals

 

Palmary Enterprises (Australia) Pty Limited ("Palmary") refers to the announcements made by Pallinghurst Resources Australia Limited ("Pallinghurst") and Consolidated Minerals Limited ("CSM") yesterday.

Palmary confirms that neither it nor its related companies have any direct or indirect interest in the CSM shares which CSM indicates are held by Torbock Holdings Limited ("Torbock"), Wadless Holdings Limited ("Wadless"), Trekin Investments Limited ("Trekin") and Almanzar Holdings Limited ("Almanzar") (together, the "Other Holders"). In addition, Palmary is not aware of any other person who has a direct or indirect interest in those CSM shares except as referred to below.

Palmary, through its agent, has received written confirmation that the Other Holders are companies owned by three stock brokers in Ukraine. In particular:

- Torbock is controlled by Concorde Capital;

- Wadless and Almanzar are controlled by On-line Capital; and

- Trekin is controlled by Comex-Brok.

Palmary, through its agent, has also received written confirmation from each of Concorde Capital, On-line Capital and Comex-Brok that the Other Holders do not hold any shares in CSM for any of the following:

- Mr Gennadiy Bogolyubov;

- Palmary Enterprises Limited;

- PrivatBank;

- Mr Igor Kolomoisky; or

- any interests associated with any of the above persons and entities.

Palmary's agents have obtained company search results for the Other Holders and are providing those to CSM and the Australian Securities and Investments Commission.

Palmary's Ukrainian stock brokers were responsible for establishing the relationship with a local custodian (Joint Stock Bank ING Bank Ukraine) to hold Palmary's parcel of 2,760,300 shares in CSM. Palmary had no involvement in this process.

Pallinghurst's announcement yesterday referred to a meeting between Pallinghurst, Mr Kolomoisky and Mr Bogolyubov. The meeting was held in April at Pallinghurst's request and Pallinghurst wanted to discuss the possible acquisition of Mr Bogolyubov's manganese interests in Ghana. Pallinghurst evidently wished to combine those interests with its interest in CSM and other proposed interests in the metals and mining industry. At no stage was the prospect of an acquisition of CSM shares by Mr Kolomoisky or Mr Bogolyubov discussed. Pallinghurst's allegation that this meeting constitutes evidence that Mr Bogolyubov and Mr Kolomoisky are acting as associates in respect of Palmary's offer for CSM is misleading, deceptive and baseless.

Palmary is 100% controlled by Mr Bogolyubov. Although Mr Bogolyubov and Mr Kolomoisky have significant interests in PrivatBank, Mr Bogolyubov has significant business interests which are entirely separate from Mr Kolomoisky and PrivatBank.

Palmary is supportive of the efforts of CSM to identify the beneficial owners of the CSM shares which appear to be held by the Other Holders and is co-operating with CSM and the Australian regulators in relation to all aspects of this matter.

Palmary will apply to the Takeovers Panel for a freezing order in respect of those shares that remain undisclosed in accordance with the Australian Corporations Act requirements as at Tuesday 6 November 2007. The order will be sought until such time as full disclosure has been made.

Palmary will keep the market informed of any further developments in relation to this matter. ENDS

 

 

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