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Xstrata Coal News Release: Xstrata confirms 67.49% interest in Resources Pacific (PDF)
Sydney, 20 February 2008
Titan Holdings Finance Pty Ltd (“Xstrata”), a subsidiary of Xstrata plc, announced today that it now has a relevant interest in Resource Pacific Holdings Limited (“Resource Pacific”) of 67.49% and called on remaining shareholders to accept its compelling unconditional $3.20 per share cash offer for Resource Pacific (“Offer”).
As Xstrata’s voting power in Resource Pacific increased to more than 50% within the last 7 days of the scheduled close of the Offer period, the Offer period is automatically extended under the Corporations Act 2001 (Cth) and is now scheduled to close at 7.00pm (Sydney time) on 3 March 2008. Xstrata, however, reserves the right further to extend the Offer period.
Xstrata Coal Chief Executive, Peter Freyberg, said: “We are delighted with the strong level of support from Resource Pacific shareholders for our attractive cash offer price.
“Our offer continues to represent compelling cash value in times of increased volatility in equity markets.”
The outgoing directors of Resource Pacific yesterday, 19 February 2008, unanimously recommended that all remaining Resource Pacific shareholders accept Xstrata’s offer, and confirmed that they intend to sell on market or accept the Offer for their individual shareholdings.
Mr Freyberg said: “There is a significant risk that Resource Pacific’s share price will fall upon the close of our offer. We strongly encourage remaining Resource Pacific shareholders to accept the Xstrata offer prior to its scheduled close on 3 March 2008.”
Shareholders will be paid $3.20 per share within 5 business days of receipt of their valid acceptance.
Xstrata also announces, in accordance with ASX Market Rule 20.3.1, that it may purchase shares in Resource Pacific on market during the offer period for its off-market takeover bid for Resource Pacific for prices at or below its bid price of $3.20 per share.
Shareholder information line –
within Australia - 1800 214 245
outside Australia - +61 2 8986 9353
Ends
About Xstrata Coal
Xstrata Coal is the world’s largest exporter of thermal coal and one of the largest producers of hard coking coal. Headquartered in Sydney, Xstrata Coal has interests in more than 30 operating coal mines throughout Australia, South Africa and the Americas.
Xstrata contacts
James Rickards
Communications Manager
Phone: +61 2 9253 6789
Email: jrickards@xstratacoal.com
Andrew Stokes
Third Person Communications
Phone: +61 2 8298 6100
Mobile: +61 416 967 038
Email: andrew@thirdperson.net.au