12th Oct 2009 07:30
NEWS RELEASE
FOR IMMEDIATE RELEASE TSX Code - MGL
OCTOBER 12, 2009 AIM Code - MOE
MOTO SECURITYHOLDERS APPROVETRANSACTION WITH RANDGOLD RESOURCES
PERTH, WESTERN AUSTRALIA - Moto Goldmines Limited ("Moto") announces that at the special meeting of the registered holders of Moto common shares ("Moto Shareholders") and the holders of options to acquire Moto common shares (together with Moto Shareholders, the "Moto Securityholders"), the Moto Securityholders approved the arrangement resolution regarding the combination (the "Arrangement") with Randgold Resources Limited ("Randgold"), which was announced on August 5, 2009.
Votes on the arrangement resolution were cast in respect of 56.68% of the total number of issued and outstanding Moto common shares and options. Of the votes cast, 98.1% voted in favour and 1.9% voted against.
Based on election forms received from Moto Shareholders by the election deadline of 4 pm (Pacific Time) on October 7, 2009, holders of 17,195,516 common shares elected to receive Cash Consideration, being US$4.47 per Moto common share, as set out in the plan of arrangement (the "Plan of Arrangement") attached to the information circular sent to Moto Securityholders in respect of the meeting, resulting in aggregate cash payable by Randgold of US$76,863,956.52. Since this amount does not exceed the Cash Parameter (as defined in the Plan of Arrangement), no pro-ration of the amount payable to such holders will be required.
Moto currently anticipates applying to the Supreme Court of British Columbia for a final order approving the Arrangement on or about October 14, 2009. The effective date of the Arrangement will be a date agreed between Randgold and Moto and is presently targeted for October 15, 2009. It is expected that the Moto common shares will be delisted from the Toronto Stock Exchange and the Alternative Market of the London Stock Exchange (AIM) two or three business days following the effective date.
For further information in respect of the Company's activities, please contact:
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Andrew Dinning |
Mark Arnesen |
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President and Chief Operating Officer |
Financial Director and Chief Financial Officer |
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Tel: +61 8 9273 4222 |
Tel: +61 8 9273 4222 |
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email: [email protected] |
email: [email protected] |
Moto Goldmines Limited website: www.motogoldmines.com
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Nominated advisor for the purposes of AIM:
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RFC Corporate Finance Ltd
Steve Allen
Tel: +61 8 9480 2508
email: [email protected]
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AIM Broker
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GMP Securities Europe LLP
James Cassley
Tel: +44 207 647 2803
email: [email protected]
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Related Shares:
Randgold Resources