/NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION THROUGH A
U.S. NEWSWIRE SERVICE/
PERTH, Western Australia, May 7 /CNW/ - On 14 April 2009, Avoca Resources
Limited ("Avoca") announced an intention to make a takeover offer for Dioro
Exploration NL ("Dioro"). Avoca's announcement was unsolicited and upon
receipt of the notice caused Dioro's Board to immediately respond by advising
Dioro Shareholders to take no action.
Avoca has now lodged with Dioro, the Australian Securities & Investments
Commission and the Australian Securities Exchange, its Bidder's Statement.
Dioro has reviewed the Bidder's Statement and based upon this initial review,
reconfirms the previous advice to Dioro Shareholders to take NO ACTION.
Avoca's Bidder's Statement is required to be forwarded to Dioro
Shareholders in due course in accordance with the timetable prescribed by the
What Dioro is Doing
a) Dioro's Board has established a Board sub-committee called the
Takeover Response Committee to assist the Board to consider and
respond to Avoca's offer.
b) Dioro's Board has appointed;
i) KPMG Corporate Finance (Aust) Pty Ltd to act as independent
expert to prepare an independent expert's report in the Target's
Statement. Coffey Mining Pty Ltd has agreed to act as the
independent technical expert to the independent expert;
ii) Steinepreis Paganin to act as legal advisers;
iii) Pendulum Capital Pty Limited to act as the Australian Corporate
iv) National Bank Finance Inc. to act as the Canadian Corporate
What Should Dioro Shareholders Do?
Dioro Shareholders are urged to take NO ACTION in relation to the Avoca
offer on receipt of the Bidder's Statement.
Dioro Shareholders should wait until the Dioro Board provides a written
recommendation in the form of a Target's Statement which will be posted in due
course to Dioro Shareholders.
For further information:
For further information: If Dioro Shareholders have any queries in
relation to this matter, they are encouraged to contact Dioro's Company
Secretary, Mr David McArthur, on +61 8 9423 3220