Azimuth Resources - Update on Troy Takeover Offer

Jun 06, 2013, 23:32 ET from Azimuth Resources

PERTH, Australia, June 7, 2013 /CNW/ -

Dear Azimuth Shareholder,

We are pleased to advise you that as at the close of business on 6 June 2013, acceptances of Troy Resources Limited's takeover offer for Azimuth Resources Limited stood at 37.99%, comprising direct acceptances and shares lodged into the Institutional Acceptance Facility. This includes those shares held by Azimuth's largest shareholder, Macquarie Metals and Energy Capital, which have been lodged into the Institutional Acceptance Facility.

Whilst it is pleasing to have received the support we have to date, the Offer remains subject to a minimum acceptance condition of 90% and, for this reason, Troy has today extended the Offer for a further two weeks. A Notice of Variation of the Offer has been lodged on SEDAR and is available to view at

The Offer will now close at 7.00pm (Sydney time) / 5.00am (Toronto time) on Friday 28 June 2013.

The Azimuth board of directors and CEO unanimously recommend that Azimuth shareholders accept the Offer, in the absence of a superior proposal. Each of the Azimuth directors has accepted the Offer in respect of the Azimuth shares they hold or control.

Azimuth shareholders should be aware that the sooner the Offer is freed from its conditions, the sooner they will receive the Offer consideration. If you have not already done so we urge you to accept the Offer without delay. 

Yours sincerely,

David Dix                  Michael Hunt
Non-Executive Chairman                  Non-Executive Chairman 
Troy Resources Limited                  Azimuth Resources Limited


SOURCE Azimuth Resources