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Atlas Iron announces extension of Hancock Offer

Mining News - Published on Mon, 06 Aug 2018

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Atlas Iron Limited refers to the off-market takeover bid for all the issued shares of Atlas by Hancock Prospecting Pty Ltd ACN 008 676 417 through its wholly-owned subsidiary, Redstone Corporation Pty Ltd. Atlas lodged its Target’s Statement in relation to the Hancock Offer with ASX on 16 July 2018. The Target’s Statement includes a report from an independent expert, which concludes that the Hancock Offer is fair and reasonable to Atlas shareholders. Redstone advised that its voting power in Atlas increased to 56.07% on 3 August 2018. In accordance with section 624(2) of the Corporations Act, the Hancock Offer has now been extended.

To accept the Hancock Offer, shareholders must follow the instructions in section 8.3 of the Bidder’s Statement. Acceptances must be received by 17 August 2018, subject to any further extension.

The Hancock Offer is no longer subject to any conditions. Redstone advises that it will pay shareholders who accept the Hancock Offer within seven days of their acceptance (see section 8.16 of the Bidder's Statement for further information).

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Posted By : Nanda Koijam on Mon, 06 Aug 2018
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