- For Herald Resources
Jakarta, March, 11th, 2008 (ANTARA) - Tango Mining Pte. Ltd. ("Tango"), the Special Purpose Vehicle owned by PT Antam Tbk ("Antam") (ASX:ATM, IDX:ANTM) and Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. ("Zhongjin"), formed for the takeover of Herald Resources Limited ("Herald"), today lodged its Bidder's Statement for its cash offer of A$2.50 per Share ("Tango Offer") for the entire issued capital of Herald.
Tango notes that the Herald Board has recommended that Herald shareholders accept the Tango Offer of A$2.50 per share in the absence of a superior proposal. Tango also notes the Herald Board has withdrawn its previous recommendation to accept the lower offer of A$2.25 per share of Calipso Investment Pte. Ltd.
The Tango Offer price of A$2.50 cash for each Herald share represents a substantial premium to the historical trading levels of Herald shares, prior to recent corporate interest in the company. The Tango Offer also provides Herald shareholders with an attractive opportunity to realise cash value for their investment in Herald.
Tango is prepared to offer Herald shareholders superior value because an acquisition of Herald and the Dairi Project meets the strategic needs of both Antam, a large and diversified Indonesian metals and mining company, and Zhongjin, which owns zinc and lead smelters and mining operations in China.
Herald shareholders are encouraged to accept the compelling Tango Offer for the reasons set out in Tango's Bidder's Statement, which is publicly available via the ASX website and is expected to be despatched to Herald shareholders within the next two weeks.
Overview of Antam
Antam is an Indonesian state-owned mining and metals company with a diversified portfolio of operating assets and exploration projects. The majority of the company's earnings are presently generated through nickel mining activities.
Antam is listed on the Indonesian Stock Exchange (ticker: ANTM) and Australian Securities Exchange (Code: ATM) and as at the close of trading on 29 February 2008 had a market capitalisation of US$4,296 million. The Government of the Republic of Indonesia holds 65% of Antam's issued shares with the balance held by a combination of retail and domestic and international institutional investors.
For the year ended 31 December 2007, Antam reported an audited consolidated net profit of IDR5,132 billion (A$669 million) and consolidated net sales of IDR12,008 billion (A$1,566 million).
Antam has been a participant in the Dairi Project since its inception and currently has a 20% direct interest in the project.
Overview of Zhongjin
Zhongjin is a Chinese metals and mining company, which is principally engaged in the mining and processing of lead, zinc and other non-ferrous metals. The company is listed on the Shenzhen Stock Exchange (ticker: 000060) and as at the close of trading on 29 February 2008 had a market capitalisation of US$4,107 million. Guangdong Rising Assets Management Co. Ltd., a state-owned enterprise under the Guangdong Provincial Government, holds approximately 38% of Zhongjin's issued shares with the balance held by a combination of public and institutional investors.
The primary mining asset of the company is the Fankou Mine located in Shaoguan, Southern China. It has been in production for 40 years and is one of the lowest cost lead and zinc mines in the world with an annual production capacity of 150,000 tonnes of contained lead and zinc.
Zhongjin operates the Shaoguan Smelter and Danxia Smelter in southern China with a combined annual capacity of more than 320,000 tonnes of lead and zinc metal.
For the nine months ended 30 September 2007, Zhongjin reported an unaudited consolidated net profit of CNY972.5 million (approximately A$154 million) with consolidated net sales of CNY6.1 billion (approximately A$970 million).
For further information please contact:
Herald Shareholders
The Tango Offer Information Line
For callers within Australia
1300 731 918
(toll-free for callers within Australia)
For callers outside Australia
+61 3 9415 4696
Antam Shareholders / Indonesian Media and Analysts
Antam Public Relations
Bimo Satriyo (Corporate Secretary)
Tel: + 62 811 151 840
Email: Bimo.Satriyo@antam.com
Antam Investor Relations
Cameron Tough
Tel: +62 818 657 128
Email: cameron@antam.com
Australian Media and Analysts
Purple Communications
Mr. Warrick Hazeldine
Director
Tel: + 61 8 9485 1254
Jakarta, March, 11th, 2008 (ANTARA) - Tango Mining Pte. Ltd. ("Tango"), the Special Purpose Vehicle owned by PT Antam Tbk ("Antam") (ASX:ATM, IDX:ANTM) and Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. ("Zhongjin"), formed for the takeover of Herald Resources Limited ("Herald"), today lodged its Bidder's Statement for its cash offer of A$2.50 per Share ("Tango Offer") for the entire issued capital of Herald.
Tango notes that the Herald Board has recommended that Herald shareholders accept the Tango Offer of A$2.50 per share in the absence of a superior proposal. Tango also notes the Herald Board has withdrawn its previous recommendation to accept the lower offer of A$2.25 per share of Calipso Investment Pte. Ltd.
The Tango Offer price of A$2.50 cash for each Herald share represents a substantial premium to the historical trading levels of Herald shares, prior to recent corporate interest in the company. The Tango Offer also provides Herald shareholders with an attractive opportunity to realise cash value for their investment in Herald.
Tango is prepared to offer Herald shareholders superior value because an acquisition of Herald and the Dairi Project meets the strategic needs of both Antam, a large and diversified Indonesian metals and mining company, and Zhongjin, which owns zinc and lead smelters and mining operations in China.
Herald shareholders are encouraged to accept the compelling Tango Offer for the reasons set out in Tango's Bidder's Statement, which is publicly available via the ASX website and is expected to be despatched to Herald shareholders within the next two weeks.
Overview of Antam
Antam is an Indonesian state-owned mining and metals company with a diversified portfolio of operating assets and exploration projects. The majority of the company's earnings are presently generated through nickel mining activities.
Antam is listed on the Indonesian Stock Exchange (ticker: ANTM) and Australian Securities Exchange (Code: ATM) and as at the close of trading on 29 February 2008 had a market capitalisation of US$4,296 million. The Government of the Republic of Indonesia holds 65% of Antam's issued shares with the balance held by a combination of retail and domestic and international institutional investors.
For the year ended 31 December 2007, Antam reported an audited consolidated net profit of IDR5,132 billion (A$669 million) and consolidated net sales of IDR12,008 billion (A$1,566 million).
Antam has been a participant in the Dairi Project since its inception and currently has a 20% direct interest in the project.
Overview of Zhongjin
Zhongjin is a Chinese metals and mining company, which is principally engaged in the mining and processing of lead, zinc and other non-ferrous metals. The company is listed on the Shenzhen Stock Exchange (ticker: 000060) and as at the close of trading on 29 February 2008 had a market capitalisation of US$4,107 million. Guangdong Rising Assets Management Co. Ltd., a state-owned enterprise under the Guangdong Provincial Government, holds approximately 38% of Zhongjin's issued shares with the balance held by a combination of public and institutional investors.
The primary mining asset of the company is the Fankou Mine located in Shaoguan, Southern China. It has been in production for 40 years and is one of the lowest cost lead and zinc mines in the world with an annual production capacity of 150,000 tonnes of contained lead and zinc.
Zhongjin operates the Shaoguan Smelter and Danxia Smelter in southern China with a combined annual capacity of more than 320,000 tonnes of lead and zinc metal.
For the nine months ended 30 September 2007, Zhongjin reported an unaudited consolidated net profit of CNY972.5 million (approximately A$154 million) with consolidated net sales of CNY6.1 billion (approximately A$970 million).
For further information please contact:
Herald Shareholders
The Tango Offer Information Line
For callers within Australia
1300 731 918
(toll-free for callers within Australia)
For callers outside Australia
+61 3 9415 4696
Antam Shareholders / Indonesian Media and Analysts
Antam Public Relations
Bimo Satriyo (Corporate Secretary)
Tel: + 62 811 151 840
Email: Bimo.Satriyo@antam.com
Antam Investor Relations
Cameron Tough
Tel: +62 818 657 128
Email: cameron@antam.com
Australian Media and Analysts
Purple Communications
Mr. Warrick Hazeldine
Director
Tel: + 61 8 9485 1254
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