28th Oct 2008 14:29
28 October 2008
TanzaniteOne - Response To Gemfields Statement
The Board of TanzaniteOne Limited ("TanzaniteOne" or "the Company") (AIM: TNZ) notes the statement today from Gemfields Resources plc ("Gemfields") (AIM: GEM) and the confirmation by Gemfields that it is not willing to make a cash offer for all the issued share capital of TanzaniteOne.
As announced on 25 October 2008, TanzaniteOne issued 83,739,976 nil paid unlisted B shares to a wholly owned subsidiary of the Company in response to Gemfield's unsolicited "first-come, first-served" Tender Offer announced on 21 October 2008. The Tender Offer applied only to a minority of the shares in TanzaniteOne not already owned by Gemfields and would have had the effect of giving Gemfields control of the Company without making an offer to all shareholders. No commitments or undertakings were offered in relation to the ongoing governance of the Company. In these circumstances, the Board considered it appropriate to issue the B shares as described to protect all shareholders.
As outlined in the announcement of 25 October, the Board continues to recommend shareholders take no action in relation to the Tender Offer and will continue to consider on its merits any proposal from Gemfields or a third party that treats all shareholders equally.
For more information, please visit www.tanzaniteone.com or contact:
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Willi Boehm, Company Secretary |
Alex Buck, Public Relations |
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+61 8 9367 5211 |
+44 (0)7932 740 452 |
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Nick Bias, Investor Relations |
Laurence Read, Public Relations |
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+44 (0)7887 920 530 |
+44 (0)7979 955923 |
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Nominated Advisor and Joint Broker Evolution Securities |
Joint Broker Ambrian Partners |
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Simon Edwards or Neil Elliot |
Richard Chase |
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+44 (0)20 7071 4300 |
+44 (0)20 7634 4700 |
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Financial Adviser Lazard & Co Spiro Youakim or Chris Seherr-Thoss +44 (0)20 7187 2000 |
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Related Shares:
RLD.LGemfields Grou.