20 August 2009
Avoca reaches 44.85% at close of Offer for Dioro
ASX200 gold producer, Avoca
Resources Limited (ASX:AVO) is pleased to announce
that its takeover offer for Dioro Exploration NL
(ASX:DIO) closed at 5pm (Perth
time) on Wednesday 19 August 2009, by which time its relevant interest in Dioro had reached 44.85%.
To the best of Avoca’s
knowledge, most of Dioro’s larger shareholders
(including, significantly both Baker Steel and La Mancha Resources
Australia accepted Avoca’s Offer.
Avoca Chairman Robert Reynolds
said this clearly demonstrates that major and sophisticated investors
considered the Avoca Offer (and the receipt of Avoca scrip) to be superior to
the proposed Ramelius offer.
Avoca would like to thank and
welcome its new shareholders, who will now have the opportunity to be part of
an ASX200 company with the credentials to become Australia’s
pre-eminent mid-tier gold producer.
Baker Steel is a specialist
investment manager in gold and natural resources and La Mancha
is a Canadian listed gold company which operates the Frog’s Leg gold mine
in which it owns 51% and Dioro has a 49% stake.
Importantly, Baker Steel and La Mancha Resources
Australia did not accept Ramelius inferior offer and
neither will Avoca, Mr Reynolds said.
Launched on 14 April 2009, the
Avoca takeover offer was open for approximately four months..
Pursuant to Listing Rule 3.3,
Avoca advises that as at the end of the offer period, Avoca and its associates
have a relevant interest in 44.85% of the fully paid ordinary shares in Dioro, and therefore that compulsory acquisition will not
proceed.
As Dioro’s
major shareholder, Avoca intends to take an active interest in the affairs of Dioro.
A form 604 (notice of change in
interests of substantial holder) is attached.
For further enquiries, please
contact:
Avoca Resources: Rohan Williams 08 9226 0625
Purple Communications: Warrick Hazeldine 08 6314 6300 / 0417 944 616
Purple
Communications
Level 3, 28 Kings Park Road, WEST
PERTH
WA 6005
Ph: 08 6314 6300 Fax: 08 6314 6355
purple@purplecom.com.au