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Waterberg details Haworth shareholding in bidder's statement

24th May 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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JOHANNESBURG (miningweekly.com) – In response to a directive by the Australian Takeovers Panel, Waterberg Coal Company on Friday dispatched a third supplementary bidder's statement in relation to its hostile takeover offer for Firestone Energy.

The panel found that the original takeover offer did not adequately disclose Haworth Finance’s 48.8% shareholding in Waterberg, or the identities of the owners and controllers of the investors in Haworth.

Last month, Waterberg increased its offer to 1.25 of its own shares for every two Firestone shares held, and declared the bid unconditional.

As required by the panel’s directive, Waterberg stated in the third supplementary bidder's statement that Haworth was the trustee company for a discretionary trust, the beneficiaries of which were entities and individuals that had provided financial or other support to Haworth’s former wholly owned subsidiary, Ariona Company.

The statement went on to provide additional information on the structure and shareholding of the group.

The offer to Firestone had now been extended, and would close on June 7.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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