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ZYL Ltd Announces Cost Reductions

Tuesday, 2 Jul 2013 06:31pm EDT

ZYL Ltd announced that following the revised settlement agreement announced on 24 June 2013 it has embarked upon a process of evaluating the administrative structure required in South Africa. Such evaluation has been undertaken in consideration of the current state of the commodity and capital markets as well as the work required in securing the necessary permitting to allow the Company to develop the Kangwane Projects; permitting being the next step in moving the Kangwane Projects to development. As a consequence of the said review, ZYL has concluded that it needs to significantly reduce its corporate overheads in South Africa. ZYL has accordingly concluded a formal process and the majority of its employees in South Africa have been retrenched. In line with this restructuring Phillipe Lalieu, Commercial Director of ZYL has tendered his resignation and will step down as an Executive Director of the Board of ZYL Limited by agreement with immediate effect. Phillipe will however remain on the Board of ZYL as a Non-Executive Director to ensure continuity in South Africa.

Baru Resources Ltd Announces Recommended Off-Market Takeover Offer For Argosy Minerals Ltd

Monday, 1 Jul 2013 07:34pm EDT

Baru Resources Ltd and Argosy Minerals Ltd announced the signing of a Takeover Bid Implementation Deed (Implementation Deed) under which it is proposed that Baru will acquire all of the issued shares of Argosy in a share based transaction by way of an off-market takeover offer. Under the Offer, Argosy shareholders will receive one new Baru share for every one Argosy share held. Baru currently has on issue 49,796,009 shares and Argosy has on issue 126,029,105 shares. Baru will therefore issue 126,029,105 shares as consideration for the acquisition. The Offer values Argosy at $0.038 per share based on Baru’s closing share price on the ASX on July 1, 2013. Baru has cash reserves and other receivables on hand at current date of approximately $3 million, representing a net asset backing of approximately $0.06 per share. The Argosy Board unanimously recommends that Argosy shareholders accept the Offer in the absence of a superior proposal. The takeover is supported by a majority of the Baru board. The transaction would create an entity with net cash and semi-liquid reserves of approximately $3 million held by Baru, combined with the potential of the Argosy graphite project in Namibia. In addition, management expertise will be combined, and those shareholders who hold interests in both Companies will enjoy the synergies of one combined entity.

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Analyst Research

Report Title Price
ATH RESOURCES - DELIVERING STEADY GROWTH
Provider: Edison Investment Research
$10.00
Buy
ORACLE COALFIELDS - STRIDING AHEAD
Provider: Edison Investment Research
$10.00
Buy
ORACLE COALFIELDS - DE-RISKING BLOCK VI
Provider: Edison Investment Research
$10.00
Buy
ORACLE COALFIELDS - SIGNS MOU WITH KARACHI ELECTRIC SUPPLY COMPANY
Provider: Edison Investment Research
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Buy
ALTONA ENERGY - LIQUID COAL
Provider: Edison Investment Research
$10.00
Buy

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