CHENNAI, India, June 18 /CNW/ - Beach Minerals Company wants to bring to
your notice that we (BMC) have given our Cash Offer Option for USD 20 million,
dated: 7, December 2007, to Mr. Covell Brown, The Chairman of WGI for TGI
Indian operation of WGI.
On April 22, 2008, BMC sent amended offer - Cash offer for USD 25 Million
USD to WGI Board and also assured a supply quantity of "60,000 M/T of
Materials per annum for period of 3 years, which can be renewed further.
We hereby enclosed "The Letter of Intent" & "Supply Agreement" which we
had sent to Mr. Covell D. Brown, Chairman of WGI on April 22, 2008.
Now, WGI's press releases on June 11, 2008 says that WGI to sell 74%
equity interest in Transworld Garnet to an Indian company. We understand that
WGI Heavy Minerals, Inc. have sold their Subsidiary "Transworld Garnet India
Pvt Ltd" to an Indian Company for a cash consideration of 19.5 Million USD to
the lesser offer.
BMC made an offer for the higher price say 25 million USD. But, WGI sold
their subsidiary TGI for a cash consideration of 19.5 million USD, which is
the very lesser offer.
BMC requests the Share Holders / Directors to investigate this matter on
reason why WGI Board sold their Indian Subsidiary TGI at 19.5 Million USD,
when BMC had already offered for 25 Million USD for the same.
BMC render the natural justice in this matter and to decide to sell the
TGI Indian operation of WGI for cash offer for 25 million USD to BMC.
The "Letter of Intent" and "Supply Agreement" referred to herein can be
accessed at http://files.newswire.ca/730/LetterofIntent.pdf and
For further information:
For further information: S. Sukumar, Managing Director, BMC HOUSE, 32-2
Halls Road, Egmore, Chennai, 600 008, TN, India Ph: +91 44 4220 2345, Fax: +91
44 4220 2346, e-mail: firstname.lastname@example.org