Earth Takes Care Board Of Directors Herald

Earth Takes Care Board Of Directors Herald

Tuesday, 18/12/2007
JAKARTA(SINDO) – PT Earth Resources Tbk still insist acquisition Herald Resources Limited, even gets rejection from the Australian mine company board of directors.

” We would continuously tender acquisition Herald to,” assertive of Investor Relation Bumi Dileep Srivastava when contacted [by] SINDO in Jakarta yesterday. Dileep affirms, despite of rejection from its(the Herald,pihak board of directors would still go forward because offer of the acquisition has been talked with stockholder Herald. ” We would continuously walk until there are decision from its(the saham,”ujar owner. About statement of board of directors Herald telling that Bumi hardly opportunist, Dileep refuse to comment concerning that.

” I do not want to give comment to does they tell Definitive, we will not cancel offer plan of acquisition from Bumi,”jelas him(her. Chairman Herald Resources Limited Terry Allen tells, acquisition bargain from Bumi is not desired by too forces. ” We ask stockholder doesn't take action anything related offer from Bumi until board of directors haves a time discuss offer of tersebut,”ujar Allen, like publicized in situs Herald.

According to him(her, offer from Bumi as step which opportunist, because the project still in process of approval of government of Indonesia. He is concerned with statement of Bumi mentioning if the acquisition happened hence expansion of project of Dairi would more effectively again, because Bumi has unique position in mining area. Herald doesn't know existence of special situation where Bumi will have special position.

Allen says, Herald has had strategic partner, namely Multifarious PT Mined Tbk having 20% share in joint venture at project of Dairi. According to him(her, project of Dairi is main asset for Herald with lead reserve and zinc to 6,6 million tons. Per year, metal which able to be released reachs 1 million tons. Thereby, operation of mining will take place during seven years. In full blast, area of that can yield around 115000 zincs and 60000 lead tons which will make Herald as big producer in base metal business.

Before all, President Earth Director Resources Ari Hudaya tells, [his] side plans acquisition of mining company of Australian, Herald Resources Limited. acquisition value of The company reachs 455 million Australian dollars or around Rp3,73 triliun. ” We have sent formal cash offering letter to Herald, with value 2,25 Australian dollars per share,” he/she said.

According To higher Ari,penawaran of 32% ( premium) from the price of average of share Herald as of last week. Its(the plan, the acquisition will be done child of business, what owned fully, Calipso Investment Pte. Acts as sole financial adviser Bumi is Credit Suisse. Whereas Mallesons Stephen Jaques acts as law consultant Bumi in Australian Ltd.

Further of Ari explains, the offer will give opportunity to the stockholders Herald to realize advantage, more than anything else condition of the price of zinc and lead now stays at decline trend. The acquisition plan will be asked approval from the stockholders, at extraordinary stockholder public meeting ( RUPSLB), January next year. ” Expected, approval from the obtainable stockholders soon,” he said. ( rakhmat baihaqi)