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Firestone Maintains Shareholders Reject Range River Gold Ltd's Second Supplementary Bid


Sunday, 7 Apr 2013 09:13pm EDT 

Firestone Energy Ltd reaffirmed its advice to shareholders to REJECT the offer by Range River Gold Limited for the acquisition of all ordinary shares in Firestone (in consideration of 1.25 Range River share for every two Firestone shares) following the receipt of RNG’s Second Supplementary Bidder’s Statement on March 27, 2013 (Offer). Firestone Energy will ask its independent expert to opine on the second supplementary bid. The board expects that this view will be received within a week and will advise shareholders accordingly. In the interim the board of Firestone recommends that shareholders REJECT the Offer on the grounds that it remains inadequate and opportunistic. The second supplementary bidders statement received from RNG has addressed a few of the reasons above being the proposed listing on the JSE AltX secondary board, removal of conditions and increasing value to shareholders by revising the consideration amount to be 1.25 pre-consolidation RNG shares for every 2 FSE shares. The consideration however remains in RNG shares, which the Firestone Board believes is inadequate. The Firestone Board reaffirms its recommendation that FSE shareholders REJECT. Shareholders should do nothing in relation to any documents received from RNG. 

Company Quote

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7 Jul 2014