Luiri Gold-Response to Lock Up Agreement Signed by Lachlan Star
25 December 2010 - 1:00AM
Marketwired
Luiri Gold Limited (TSX VENTURE: LGL)(ASX: LGM) ("Luiri" or the
"Company") notes the announcement by Lachlan Star Limited ("Lachlan
Star") that it has signed a Lock up Agreement in respect of its
26.4% shareholding in Luiri to accept into a takeover bid by
Carlton Resources Plc ("Carlton") for a maximum of 2/3 of the
outstanding shares in Luiri at a price of 20 cents per share
("Proposed Takeover Offer").
At this stage Luiri has not received Carlton's Proposed Takeover
Offer and the Directors of Luiri are not yet in a position to make
a formal recommendation to shareholders.
Under the terms of the Lock up Agreement, Carlton has until 17
January 2011 to launch a bid for Luiri (or such other date to be
agreed upon by Lachlan Star and Carlton).
As announced on 21 December 2010, Luiri has appointed Euroz
Securities Limited ("Euroz") to advise in respect of the Proposed
Takeover Offer and to assist the Directors of Luiri to evaluate and
respond to the approach from Carlton.
The Directors expect to be able to provide a further update to
shareholders once additional information is available.
Carlton is a public, unlisted company 28% owned by Nyota
Minerals Limited, which is listed on the ASX and AIM and has a
market capitalisation of approximately $190 million.
For further information contact:
Michael Sperinck, the President of Luiri Gold at +61 401 694 322
or Doug Young at Euroz on +61 8 9488 1434 should they have any
queries in relation to the Lock up Agreement.
ON BEHALF OF THE BOARD OF DIRECTORS OF LUIRI GOLD LIMITED
Michael Sperinck, President, Managing Director and CEO
This press release contains forward-looking information which
involves risks and uncertainties. Forward looking information
represents management's current views and these may change
significantly as new information comes to hand.
NEITHER THE TSX VENTURE EXCHANGE NOR THE ASX HAS REVIEWED THIS
RELEASE AND NEITHER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE.
Contacts: Luiri Gold Limited Michael Sperinck President +61 401
694 322 Euroz Doug Young +61 8 9488 1434
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