EXT - Extract Resources

[bigdog]

EXT $8.500 $-0.010 -0.12% @ Wed 14 Dec 2011 10:47 AM

There are only 24 millions shares not held by the top 20 shareholders published December 9 2011
-- looks like top 20 shareholders are selling!

Large trades have happened the first 40 minutes today

10:39:34 AM 8.500 125,000 $1,062,500.000 XT
10:37:49 AM 8.500 500,000 $4,250,000.000 S1 XT
10:05:19 AM 8.500 499,736 $4,247,756.000 S1 XT
10:02:47 AM 8.500 500,000 $4,250,000.000 S1 XT

3030

 

[bigdog]

There has been increased trading of EXT during the past six days!

Date....... Close Volume

16-Dec-11 8.50 1,133,125
15-Dec-11 8.49 3,215,408
14-Dec-11 8.50 2,262,609
13-Dec-11 8.51 1,979,424
12-Dec-11 8.50 1,426,479
09-Dec-11 8.47 7,019,723 day after announcement of CGNPC offer for KAH shares
08-Dec-11 8.09 654
07-Dec-11 8.09 394,262
06-Dec-11 8.10 725,181
05-Dec-11 8.12 473,959

The majority of the trading has involved the top 20 shareholders!
-- open the attached pdf to review the changes in Top 20 Dec 14 vs Nov 28

3326

 

[bigdog]

Received email from Kalahari today reporting:

FOR IMMEDIATE RELEASE

5 January 2012

RECOMMENDED CASH OFFER FOR KALAHARI MINERALS PLC (“Kalahari”) BY TAURUS MINERAL LIMITED (“Taurus”) (A COMPANY FORMED AT THE DIRECTION OF CGNPC URANIUM RESOURCES CO., LTD (“CGNPC-URC”) AND THE CHINA-AFRICA DEVELOPMENT FUND (“CADFund”))

Posting of Offer Document

Further to the announcement made on 8 December 2011 in relation to the proposed acquisition of Kalahari, Taurus hereby announces that the offer document (the “Offer Document”) containing the full terms and conditions of the Offer, is being posted today to Kalahari Shareholders (and, for information only, to persons with information rights), together with the related Form of Acceptance.

The Board of Kalahari has unanimously recommended that Kalahari Shareholders accept the Offer. In addition, Taurus has received irrevocable undertakings from the Kalahari Directors representing, in aggregate, approximately 2.2 per cent. of the issued share capital of Kalahari, to accept the Offer. Letters of intent to accept or procure the acceptance of the Offer have also been received from certain Kalahari Shareholders amounting to 8,864,522 Kalahari Shares (representing approximately 3.5 per cent. of Kalahari’s existing issued share capital) as at 4 January 2012, being the latest practicable Business Day prior to this announcement.

Accordingly, in aggregate, Taurus holds, or has received irrevocable undertakings or letters of intent to accept the Offer, in respect of 14,383,335 Kalahari Shares representing approximately 5.7 per cent. of Kalahari's existing issued share capital as at 4 January 2012, being the latest practicable Business Day prior to this announcement. The Offer will remain open for acceptance until 1.00 p.m. ( London time) on 2 February 2012.

To accept the Offer, if you hold your Kalahari Shares in certificated form (that is, not in CREST), the Form of Acceptance should be completed as soon as possible and in any event so as to be received by post, or (during normal business hours only) by hand, to Capita Registrars, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU no later than 1.00 p.m. (London time) on 2 February 2012.

Acceptances in respect of Kalahari Shares in uncertificated form (that is, in CREST) should be made electronically through CREST so that the TTE Instruction settles not later than 1.00 p.m. ( London time) on 2 February 2012. If you are a CREST sponsored member, you should refer to your CREST sponsor as only your CREST sponsor will be able to send the necessary TTE Instruction to Euroclear.

If you are in any doubt about the action you should take, you should without delay consult an independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the UK or, if you are outside the UK , another appropriately authorised independent financial adviser.

Copies of the Offer Document and the Form of Acceptance will be available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on CGNPC-URC's website at www.cgnurc.com.cn and on Kalahari's website at www.kalahari-minerals.com, during the course of the Offer.

Kalahari Shareholders should carefully read the Offer Documentation in its entirety before making a decision with respect to the Offer.

Terms and expressions used in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Offer Document.

4488

 

[bigdog]

ASX Ann today:
11/01/2012 Update Regarding Proposed Downstream Offer for Extract
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01258870

http://www.theaustralian.com.au/bus...stralian+|+Business+|+Breaking+Business+News)

News article that covers today's ASX ann

Extract takeover clears hurdle

by: Robb M. Stewart
From: Dow Jones Newswires
January 11, 201211:19AM

EXTRACT Resources said today Namibia's competition authority approved a possible takeover of the company that would be triggered by a successful Chinese bid for its largest shareholder, Kalahari Minerals.

Extract said in a statement it was informed the Namibian Competition Commission had approved its potential acquisition without conditions.

The approval is a condition for a ₤632 million ($950m) proposed bid for Kalahari by nuclear fuels supplier China Guangdong Nuclear Power Corp and China-Africa Development Fund.

A successful takeover would trigger an $8.65 a share offer for Extract, valuing the company at around $2.17 billion.

Extract said its independent directors are continuing to review all available opportunities, and would only make a recommendation on the proposed offer by CGNPC and its partner when a bid was actually made.

Kalahari's main asset is its nearly 43 per cent stake in Extract, which is developing a uranium deposit in Namibia. The Husab project promises to be one of the world's largest uranium mines, and neighbors Rio Tinto's Rossing uranium deposit.

Extract, which has held talks with Rio over a possible combination of Husab and Rossing, last month said it's continuing to hold talks with potential partners.

Rio owns an almost 14 per cent stake in Extract, in addition to a 12 per cent interest in Kalahari.

4936

 

[bigdog]

CGNPC (Deutche Bank AG) Kalarhari holding of 9,363,639 shares or 3.7% suggests that CGNPC is having difficulty to reach 50% plus 1 shareholding in KAH!!!

None of us want this deal to go through at this offer price for KAH and clearly neither do most of the KAH and EXT shareholders.

http://www.kalahari-minerals.com/Investor_Relations/Shareholder_analysis/default.aspx?id=15
KAH - Kalahari Key Shareholders as at 3 January 2012

Key Shareholders____ Number _ Percent
APAC Resources Capital 36,296,059 14.5%
Nippon Uranium Resour 33,781,505 13.5%
M&G Investment Manag 30,600,000 12.2%
Rio Tinto International H 28,267,310 11.3%
UBS Investment Bank__ 13,621,384 5.4%
CQS________________ 12,154,105 4.8%
JP Morgan Asset Manag 12,023,400 4.8%
Deutche Bank AG_____9,363,639 3.7% for CGNPC

5105

 

[bigdog]

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01261287

ASX/MEDIA RELEASE
Update Regarding Proposed Downstream Offer for Extract Resources

January 23, 2012: Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract" or the “Company”) notes the announcement on the London Stock Exchange by Taurus Mineral Limited (“Taurus”) advising that Taurus had received valid acceptances of its offer for Kalahari Minerals (“Kalahari”) representing approximately 29.4 per cent of the existing issued share capital of Kalahari.

Under the terms of the relief granted to Taurus by the Australian Securities and Investments Commission (“ASIC”), Taurus must proceed with making an off-market takeover offer to all Extract shareholders within four weeks of Taurus having received acceptances of the Kalahari offer in respect of more than 50% of the voting rights in Kalahari.

Extract’s Independent Directors intend to make a recommendation in relation to the Taurus offer for Extract once such an offer is made. In the meantime, Extract’s Independent Directors are continuing to actively investigate all available alternatives that could maximise value for all Extract shareholders.

6181

 

[bigdog]

What is RIO's strategy in this deal?

http://www.businessday.com.au/busin...-set-for-chinese-takeover-20120201-1qs2d.html

Extract Resources set for Chinese takeover
Peter Ker
February 1, 2012 - 9:51AM

ASX-listed uranium play Extract Resources appears more likely to fall into Chinese hands, after Rio Tinto sold a strategic bundle of shares overnight.

Extract has been stalked in recent times by the China Guangdong Nuclear Power Group which is attracted to Extract's highly prospective Husab uranium deposit in Africa.

The state-owned chinese group has been buying up shares in Extract's biggest shareholder - Kalahari Minerals - in a move that has been expected to trigger a downstream bid for Extract.

Advertisement: Story continues below Extract had been trying to cultivate rival suitors, but hopes that Rio Tinto may be such an alternative appeared to dim overnight, when Rio sold its 11 per cent stake in Kalahari to the Chinese group.

The sale means the Chinese now own more than 40 per cent of Kalahari and are close to the trigger point - set by the Australian Securites and Investments Commission - that would force a downstream bid for Extract.

Shares in Perth-based Extract were worth $8.55 at the close of Australian trading last night.

6784

 

[bigdog]

http://au.news.yahoo.com/thewest/business/a/-/wa/12787865/rio-sells-kalahari-stake-to-chinese/

Rio sells Kalahari stake to Chinese
Kate Emery, The West Australian
February 2, 2012, 6:18 am

Investor hopes of a bidding war for Extract Resources were last night all but dead after Rio Tinto sold its stake in the Perth group's biggest shareholder to China, scotching speculation it could mount a $2.2 billion counter offer.

Rio's decision to sell its 11.1 per cent stake in London-listed Kalahari Minerals into China Guangdong Nuclear Power's £632 million ($933 million) cash takeover puts the Chinese group in striking distance of the 50 per cent threshold that will force it to launch a downstream offer for Extract.

It could also open the door to a Rio-CGNPC joint venture, given Rio's Rossing mine is just 7km from Extract's Husab project in Namibia - one of the world's biggest undeveloped uranium deposits and the prize at the heart of CGNPC's bid for Kalahari.

Rio, which picked up stakes in Kalahari and Extract in 2008 has long been seen as a potential bidder for Extract.

However, more recent industry speculation has focused on the likelihood Rio could partner with CGNPC in a Husab-Rossing joint venture.

Either way, Extract shareholders should know by tomorrow whether they are facing an $8.65-a-share cash offer from CGNPC. Its offer for Kalahari, conditional on securing 50 per cent, is scheduled to close in London tonight.

Kalahari's biggest asset by far is its 42.7 per cent stake in Extract and Australian corporate law dictates it would have to launch a bid for Extract if it succeeds in taking control of Kalahari. It would have four weeks to do so.

According to a substantial shareholder notice lodged for Extract on January 20 CGNPC had secured 30.8 per cent of Kalahari. Coupled with Rio's stake CGNPC's stake now stands at about 41.9 per cent.

The board of Extract has yet to make a call on whether to recommend a CGNPC takeover, saying it would wait for such an offer to be launched before making a formal recommendation.

Rio was also staying mum about its intentions for its 14.2 per cent stake in Extract, with its Rossing unit saying in a statement that "a decision about whether to accept any Extract offer will be taken in due course in light of any recommendation provided by the board of Extract".

Shares in Extract closed unchanged at $8.55 yesterday.

 

[laurie]

So how in the hell can management get more than $8.65

 

[bigdog]

06/02/2012 Update on proposed offer for Extract
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01265911

ASX/MEDIA RELEASEUpdate on Proposed Offer for Extract Resources

February 6, 2012: Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract" or the
“Company”) notes the announcement by Taurus Mineral Limited (“Taurus”) that it has
received acceptances under its offer for Kalahari Minerals (“Kalahari”) in respect of 89.5%
of the existing issued share capital of Kalahari and declared the offer for Kalahari wholly
unconditional.

Under the terms of the relief granted to Taurus by the Australian Securities and
Investments Commission (“ASIC”), Taurus must now proceed with making the proposed
all-cash A$8.65 per share takeover offer for Extract (the “Extract Offer”) by no later than
March 1, 2012. Once offer documentation (in the form of a Bidder’s Statement) has been
dispatched by Taurus to Extract shareholders, the Extract Offer must then remain open for
a minimum of one month.

Under the terms of the ASIC relief, Taurus is also required to declare the Extract Offer free
from any outstanding conditions by no later than February 16, 2012 in order to satisfy
contracts under the offer for Kalahari.

Extract’s Independent Directors intend to make a recommendation to shareholders once
they have had an opportunity to review and evaluate the Taurus Bidder’s Statement and
there is an offer for Extract shareholders to consider.

In the meantime, shareholders are advised to take no action and await further guidance
from the Extract Independent Directors, who are continuing to actively investigate whether
there are any available alternatives that could maximise value for Extract shareholders.

7204

 

[bigdog]

A dissaponting $8.65 offer!

14/02/2012 Extract receives Taurus Bidder`s Statement
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01268406

ASX/MEDIA RELEASE
Extract receives Taurus Bidder’s Statement

February 14, 2012: Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract" or “the Company”) has today received a Bidder’s Statement from Taurus Mineral Limited (“Taurus”) containing the terms of the proposed unconditional cash offer for all of the shares in Extract at a price of A$8.65 per share (“Taurus Offer”).

Extract’s Independent Directors will carefully review the Taurus Bidder’s Statement and provide Extract shareholders with a Target’s Statement containing the Directors' recommendation and all relevant information to allow shareholders to make an informed decision on the Taurus Offer. Offers must be despatched to Extract shareholders by no later than 1 March 2012, at which point the Taurus Offer will open for acceptance. The Taurus Offer must then remain open for at least 30 days.

In the meantime, shareholders are advised to take no action and await further guidance from Extract’s Independent Directors.

Extract also notes that the Australian Securities and Investments Commission (“ASIC”) has granted Extract relief from s640(1) of the Corporations Act 2001, which would otherwise require Extract's Target's Statement to be accompanied by an Independent Expert's Report. This potential requirement arose as a result of the sequencing of Taurus' upstream offer for Kalahari Minerals plc followed by its offer for Extract. Extract’s Independent Directors believe the granting of the relief constitutes a recognition by ASIC of Extract's independence from Taurus.

14/02/2012 Taurus Minerals launches Unconditional all Cash Offer
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01268365

14/02/2012 Bidder`s Statement - Off-market bid by Taurus Minerals
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01268354

 

[bigdog]

http://au.news.yahoo.com/thewest/business/a/-/wa/12976900/gang-of-four-extract-riches/

Gang of four Extract riches
Kate Emery, The West Australian
February 22, 2012

The $2.2 billion fight for Extract Resources has proved a windfall for a handful of Perth businessmen who have made tens of millions backing the WA success story.

Former Murchison Metals executive chairman Paul Kopejtka and executive director Robert Vagnoni, Adventure World owner Steve Sikirich and one-time Extract managing director Peter McIntyre were among the uranium explorer's earliest supporters.

With China Guangdong Nuclear Power Corp poised to swallow Extract in an $8.65-a-share cash offer, calculations by _WestBusiness _ suggest the long-time backers have collectively pocketed, or are in line to pocket, more than $100 million since the fight for Extract began in earnest a little over two years ago.

For most shareholders CGNPC's long-awaited bid means a handsome profit, with Extract shares up 842 per cent in five years. But others, including many of the stock's long-time backers, have already taken advantage of its soaring share price - it hit $11.17 a share in September 2009 - to sell down or sell out.

Extract started life as a Murchison gold explorer but the seeds for its success were sown in May 2005 when it paid $400,000 to earn 51 per cent of Namibia's Husab undeveloped uranium project, now recognised as one of the world's biggest uranium deposits.

Today former Extract director Mr Sikirich and Mr Vagnoni are two of the biggest individual investors on Extract's register. Both have followed it since the early days.

Mr Sikirich held seven million shares in 2009 - worth $60 million at the current share price - but Extract's most recent figures show his stake dropped to three million shares by September last year. _WestBusiness _understands Mr Sikirich has since sold down further to about 1.25 million shares, worth $11 million.

Mr Vagnoni had 1.253 million shares at September, worth $11 million under CGNPC's bid.

Mr Kopejtka, a shareholder since Extract's start as rebadged Tuart Resources, has not appeared in the list of top 20 shareholders since 2009. However, it is understood he has pocketed more than $20 million selling his stakes in Extract and former 42.7 per cent shareholder Kalahari Minerals, which has been swallowed by CGNPC under a separate £632 million ($936 million) takeover.Then there is Mr McIntyre, who joined Extract through the backdoor listing of Coronet Resources to become the company's boss and one of its biggest shareholders. Coronet's major asset then was the Burnakura gold project sold to TSX-listed ATW Venture Corp when Husab became a company-maker.

When Mr McIntyre stepped down in 2009, he and wife Pamela held 5.43 million shares, which had he kept them would be worth $47 million under CGNPC's bid.

However, _WestBusiness _understands Mr McIntyre has already sold his entire Extract stake, most at a time when takeover rumours - including speculation about shareholder Rio Tinto - pushed its shares well above the value of the CGNPC offer that later emerged.

8304

 

[bigdog]

There are many disappointed shareholders out there with this outcome!

http://www.bloomberg.com/news/2012-...-a-2-2-billion-offer-accepted-by-extract.html

Extract Accepts Guangdong Nuclear’s A$2.2 Billion Offer
By James Paton - Mar 1, 2012 7:40 PM

China Guangdong Nuclear Power Group Co.’s A$2.2 billion ($2.4 billion) offer for Extract Resources Ltd. (EXT), owner of the world’s fourth-largest uranium deposit, was endorsed by the board of the Perth-based explorer.

The directors recommended that shareholders accept the A$8.65-a-share cash offer from Taurus Mineral Ltd., a venture of the state-owned Chinese company and the China-Africa Development Fund, Extract said today in a statement.

The approach was triggered by Guangdong Nuclear’s bid for Kalahari Minerals Plc (KAH), which owns 43 percent of Extract. China’s second-largest reactor builder, seeking new supplies of uranium to feed demand for nuclear power, offered 632 million pounds ($1 billion) for the London-based company in December.

“You can be sure that all the serious players we’ve engaged with,” Extract Chief Executive Officer Jonathan Leslie said by phone today from London. “The appetite wasn’t there to trump the Guangdong bid, even though very strong interest has been shown” in its Husab project in Namibia.

Rio Tinto Group, owner of the world’s third-biggest uranium mine at Rossing, 7 kilometers (4.4 miles) from Extract’s deposit, said last month it has held talks with Guangdong Nuclear on jointly developing the two sites. London-based Rio Tinto owns 14.2 percent of Extract and in January accepted Guangdong Nuclear’s offer for its stake in Kalahari.

Rio Talks
“Because of the proximity, there are synergies there” with Rio Tinto, Leslie said. “It’s obvious to look at that.”

Australian regulators ruled Guangdong Nuclear must offer A$8.65 a share should the bid for Kalahari succeed. The Chinese company said yesterday its offer closed after receiving about 98 percent of valid acceptances from Kalahari shareholders.

Extract closed unchanged today at A$8.60 in Sydney trading.

Uranium prices slumped 17 percent last year to about $52 a pound after the March 2011 disaster at the Fukushima Dai-Ichi power station in Japan prompted a global review of nuclear power. Prices of about $80 are needed to make new projects attractive to developers, according to JPMorgan Chase & Co.

“No doubt Fukushima has had a very bad effect in the near term,” Leslie said. “A lot of projects are not going to make it, at least on the old time-frame. The medium-term outlook thogh remains pretty good for uranium projects.”

8779

 

[Mr Z]

I think that they may need to sweeten this deal, it doesn't seem to be moving that quickly.

 

[Mr Z]

Looks like RIO sold...

View attachment 01280592.pdf

 

[bigdog]

EXT ASX ANN 21/03/2012 Change in substantial holding
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01280819

Tauras now hold 79.98% after the RIO sale yesterday.



http://au.news.yahoo.com/thewest/business/a/-/wa/13222984/rios-stake-sale-seals-extract-takeover/
Rio's stake sale seals Extract takeover
Nick Evans, The West Australian March 21, 2012

The $2.2 billion battle for control of Extract Resources is all but over, after Rio Tinto announced the sale of its 14 per cent stake in the emerging uranium player.

There was little doubt Rio would sell into the $8.65-a-share bid from China Guangdong Nuclear Power. In February it sold its 11.1 per cent stake in Kalahari Minerals. Kalahari controlled 42.7 per cent of Extract shares and CGNPC's successful takeover of the London-listed company triggered the follow-on bid for Extract.

In a separate release yesterday, CGNPC's takeover vehicle, Taurus Minerals, said it had won acceptances for 65.2 per cent of Extract's shares. Rio's acceptance will take the Chinese giant's stake to just shy of 80 per cent.

On Monday CGNPC used its new-found muscle to reconstitute the Extract board, nominating four of its own candidates in place of Steve Galloway, John Main and Kalahari nominees Neil MacLachlan and Alastair Croyden. Of the previous Extract board, Ron Chamberlain and Inge Zaamwani-Kamwi remain as independent directors and managing director John Leslie has also stayed at the company.

Extract owns the Husab uranium project in Namibia, recognised as the world's biggest undeveloped uranium resource. CGNPC is China's second-biggest nuclear reactor builder and wants to secure offtake rights to fuel the massive expansion of Chinese nuclear energy supply over coming decades.

While Rio elected not to fight for control of Husab, only 7km from its Rossing project, analysts have speculated Rio may still wind up with a role in developing Husab, which would benefit greatly from using Rio's infrastructure. Rio's 35.7 million shares were valued at just shy of $309 million, slightly less than the $8.65-a-share offer. IN CONTROL 80% The percentage of Extract shares now controlled by China Guangdong Nuclear Power

93%

 

[Mr Z]

Done deal...! There maybe an on market surge to get to the 90% level but I don't know that is allowed?! However I am sure there are ways and means!