Focus Interest in CRE to 62% After Deutsche Bank Accepts

Deutsche Bank Accepts > Download


  • Focus has a relevant interest of 62.12% in Crescent shares as at 9th August 2011
  • Deutsche Bank accepts in respect of its remaining 8.48% holding in Crescent
  • Crescent Board has provided acceptances for all shares held or controlled by them in respect to the offer
  • Offer has been extended to close 7.00 pm (AEST) 31 August 2011

Focus Minerals Limited (ASX: FML, FFT: FZA) is pleased to announce its relevant interest in Crescent Gold Limited (ASX: CRE, TSX: CRA, FFT: CZ8) has increased to 62.12% after receiving acceptances from Deutsche Bank for its remaining holding in Crescent.

On 20 June 2011 Focus and Crescent announced that they had agreed to merge by way of an off-market takeover offer for Crescent by Focus.  The Offer consideration is 1 Focus share for every 1.18 Crescent Shares, representing a 30.5% premium based on the closing prices of Crescent shares and Focus shares on 17 June 2011, the last trading day prior to the announcement of the Offer.  The Offer opened on Thursday 30 June 2011 and has been extended to close at 7.00pm (AEST) 31 August 2011 (unless extended).

The Crescent Board has unanimously recommended that, in the absence of a superior proposal, ALL CRESCENT SHAREHOLDERS SHOULD ALSO ACCEPT THE OFFER. The Crescent Directors have all provided acceptances in respect of shares held or controlled by them in respect of the Offer.

The Offer received the support of Crescent’s major shareholder Gulara Pty Ltd (a wholly owned subsidiary of Deutsche Bank AG), which on 17 June 2011 entered into a pre-bid agreement for 19.99%[1] of Crescent Shares.  Deutsche Bank has now provided acceptances for its remaining 8.48% holding.

Acceptance forms have been provided to shareholders. Shareholders who hold their Crescent Shares through CHESS can instruct their broker to accept the Offer on their behalf.

If you have any queries in relation to the Offer, please do not hesitate to contact the Focus Offer information line on 1800 648 622 (toll-free within Australia) or +61 2 8256 3377 (international) between 9.00am and 5.00pm (AEST), Monday to Friday.

[1] As at the date of announcement of the transaction, being 20 June 2011, now 18.36%, due to dilution from exercise of convertible notes

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