ZOL.L Regulatory News (ZOL)

30 Jun 2005 07:19

Crosby Capital Partners Inc30 June 2005 30 June 2005 Crosby Capital Partners Inc. ('Crosby' or the 'Company') INTEREST IN LODORE RESOURCES Crosby's 100% owned subsidiary Sunov Crosby (Holdings) Limited ('Sunov') hasbeen approached by JASDAQ listed IB Daiwa Corp. ('IBD') of Japan (Bloomberg:3587) indicating their intention to make a share exchange offer to acquire 100%of the shares in Lodore Resources Inc. ('Lodore') ('the Offer'). IBD has offered to exchange 1.599 IBD new shares for every 10 Lodore shares.Based on the closing price of IBD shares of Y225 on 28 June, 2005 and applyingan exchange rate of £1 : Y199.88, the Offer would represent a price per Lodoreordinary share of 18 pence. Sunov owns 214,666,667 Lodore shares representing a 35.53% interest in Lodore'sshare capital. Based upon the closing prices set out above, the Offer valuesSunov's stake in Lodore at approximately £38.6 million. Sunov has indicated that it would accept the Offer to sell its entire interestin Lodore to IBD subject to the following conditions being met: 1. IBD receiving acceptances of the Offer from shareholders holding at least 51% of the outstanding shares in Lodore. IBD have informed Crosby that sufficient Lodore shareholders, including Sunov, have indicated that they will accept the Offer; 2. IBD securing all corporate and regulatory approvals to allow them to issue IBD new shares as consideration for the Offer; 3. Crosby's largest shareholder, Techpacific Capital Limited, securing the necessary shareholder and regulatory approvals (as may be required by the GEM market in Hong Kong) to allow Sunov to sell its Lodore shares to IBD under the Offer; and 4. If so required, Crosby securing the necessary shareholder and regulatory approvals as may be required by the AIM Rules and, in particular, Rule 15 of the AIM Rules. Crosby will make a further announcement once full details of the Offer have beenposted to Lodore shareholders. For further information on Crosby please contact: Simon Fry, Chief Executive Officer in London on +44 (0)20 7590 2800 Andy Berry, Fishburn Hedges +44 (0)20 7839 4321 This information is provided by RNS The company news service from the London Stock Exchange