13/12/2007 - 08:34

Palmary gains 50% of ConsMin

13/12/2007 - 08:34

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Ukrainian group Palmary Enterprises has secured control of diversified mining company Consolidated Minerals Ltd, announcing today that it has a relevant interest in 50.68 per cent of the ordinary shares of ConsMin.

Ukrainian group Palmary Enterprises has secured control of diversified mining company Consolidated Minerals Ltd, announcing today that it has a relevant interest in 50.68 per cent of the ordinary shares of ConsMin.

Palmary's President, Mr Gennadiy Bogolyubov, said: "We are pleased with the support we have received from CSM shareholders who have accepted Palmary's offer to date."

"Remaining CSM shareholders should accept Palmary's offer now as it is scheduled to close in less than one week, unless extended."

"Palmary's unconditional $5.00 cash offer is the highest and only offer available to CSM shareholders."

"With a majority interest now achieved, Palmary will take control of CSM in due course."

"The CSM Board has unanimously recommended that CSM shareholders accept Palmary's unconditional cash offer, in the absence of a superior offer. Each of the CSM Directors has also indicated they will accept Palmary's offer in respect of 100% of their current holdings in CSM shares, in the absence of a superior offer."

 

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