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PERTH, Western Australia, June 21, 2013 /CNW/ -
Dear Azimuth Shareholder,
Since the Troy offer was announced, feedback from Azimuth shareholders
and the market has been overwhelmingly positive. We have now received
acceptances from more than 1,660 shareholders holding 68.72% of the
shares in Azimuth (this comprises direct acceptances and shares lodged
into the Institutional Acceptance Facility, including the acceptances
received into the IAF of Azimuth's two largest shareholders
representing 22.35% of the shares in Azimuth).
As the offer remains subject to a minimum acceptance condition of 90%,
Troy can only start processing acceptances and issuing new Troy shares
to Azimuth shareholders once the 90% acceptance threshold is satisfied.
Under the Corporations Act, the Troy offer cannot be extended during the
last 7 days of the offer period whilst it remains subject to the 90%
minimum acceptance condition. For that reason, Troy has made the
decision to extend the offer for a further two weeks. A Notice of
Variation of the offer is attached for your information.
The Offer will now close at 7.00pm (Sydney time) / 5.00am (Toronto time)
on Friday 12 July 2013.
There are a number of shareholders that have indicated that, whilst they
support the offer and intend to accept it, they want to delay lodging
their acceptance until very close to the end of the offer period.
Unfortunately, this creates a "Catch 22" as by not accepting the offer
without delay, those shareholders are making it harder for Troy to meet
the 90% acceptance threshold thereby delaying a process which the board
of Azimuth unanimously supports. Further delays will slow the merger
process and prevent further allocation of funds to advance the
exploration and development work on the Guyana properties. The
continued need to extend the offer, in order to have more time to meet
the 90% threshold and complete the takeover, benefits no one.
It is in all shareholders interests to complete the offer as quickly as
possible. For this reason, if you have not already accepted the offer,
we urge you to do so as soon as possible.
If you have already accepted the offer, you do not need to take any
Troy Resources Limited
Azimuth Resources Limited
SOURCE: Azimuth Resources
For further information:
Offer Information Line
Tel: 1300 810 584 (calls made from within Australia)
Tel: +61 2 8022 7909 (calls made from outside Australia)
Institutional Acceptance Facility:
Tel: +61 3 9415 5587