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Firestone Maintains Shareholders Reject RNG’s Second Supplementary Bid
About Firestone Energy
Firestone Energy Limited is an
FIRESTONE ENERGY LIMITED
(Incorporated in Australia)
(Registration number ABN 058 436 794)
Share code on the JSE Limited: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
(SA company registration number 2008/023973/10)
("FSE" or "the Company")
independent, Australian exploration and
development company listed on the
Australian Stock Exchange Ltd (ASX) and
Firestone Maintains Shareholders Reject RNG’s Second the Johannesburg Stock Exchange (JSE).
Firestone Energy has entered into a Joint
Supplementary Bid Venture with Sekoko Resources (Pty) Ltd
through which Firestone Energy has
acquired the right to 60% participation
Firestone Energy Limited (ASX/JSE: FSE) (the “Company” or “Firestone”) reaffirms interests in the Waterberg Coal Project
its advice to shareholders to REJECT the offer by Range River Gold Limited (ASX: located in Lephalale area, Limpopo Province,
RNG)(“Range River” or “RNG”) for the acquisition of all ordinary shares in South Africa.
Firestone (in consideration of 1.25 Range River share for every 2 Firestone shares)
The first stage of the project is to develop the
following the receipt of RNG’s Second Supplementary Bidder’s Statement on 27
Smitspan mine which has a substantial
March 2013 (“Offer”). measured thermal coal resource and to
develop the Vetleegte mine which is a
The Company will ask its independent expert to opine on the second substantial metallurgical coal deposit.
supplementary bid. The board expects that this view will be received within a
week and will advise shareholders accordingly. Firestone Energy is committed to becoming a
profitable independent coal and energy
In the interim the board of Firestone recommends that shareholders REJECT the producer at its projects in South Africa,
thereby making a substantial contribution to
Offer on the grounds that it remains inadequate and opportunistic. Whilst the
the social and economic development of the
Offer has been increased by RNG, it remains inadequate for the following reasons: Lephalale area and South Africa.
RNG’s Offer is a scrip bid which is an inadequate form of Corporate Details
1 consideration ASX: FSE
JSE: FSE
The Offer does NOT compensate Firestone's Shareholders for Issued Capital:
2 the strategic nature and the inherent value of Firestone’s 3,549 million ordinary shares
assets Major Shareholders:
Sekoko Resources (Pty) Ltd
Linc Energy Ltd
RNG is paying a significantly higher price to acquire its BBY Nominees Pty Ltd
3 interest in FSE and FSE’s assets from Sekoko Bell Potter Nominees Ltd
Directors and Officers
The Offer will dilute existing FSE shareholders in their
4 effective ownership of the assets of Firestone
Non Executive Directors:
Mr Tim Tebeila (Chairman)
David Perkins (Deputy Chairman)
The FSE Board believes that the FSE share price will re-rate Dr Pius Kasolo
5 over the longer term as FSE moves closer to production Ben Mphahlele
Kobus Terblanche
Oren Zohar
Jack James
Officers:
Mr David Knox CEO
Ms Amanda Matthee CFO
Mr Jerry Monzu Company Secretary
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (08) 9287 460
RNG's Offer has been timed opportunistically to:
(i) coincide with the settlement of the Ariona transaction, designed to
6 destabilise and distract FSE; and
(ii) transfer the value in Firestone to Range River at a time just prior to
Firestone achieving critical milestone events
7 RNG’s Offer may have adverse taxation implications for FSE Shareholders
The second supplementary bidders statement received from RNG has addressed a few of the reasons
above being the proposed listing on the JSE AltX secondary board, removal of conditions and
increasing value to shareholders by revising the consideration amount to be 1.25 pre-consolidation
RNG shares for every 2 FSE shares. The consideration however remains in RNG shares, which the
Firestone Board believes is inadequate. Furthermore, FSE believes that the JSE provides better access
to capital, more corporate credibility and better liquidity for shareholders than being listed on the AltX.
The Firestone Board reaffirms its recommendation that FSE shareholders REJECT the Offer.
Shareholders should do nothing in relation to any documents received from RNG.
All Firestone announcements are available on the Company’s website on www.firestoneenergy.com.au
and via www.asx.com.au.
Shareholders can also receive further information on the Offer by calling the Firestone shareholder
information line on: 1800 643 977 or for international calls +61 2 8256 3363.
Yours sincerely,
David Knox
Chief Executive Officer
www.firestoneenergy.com.au
Tel: Australia (+61 08 9287 4600)
South Africa (+27 11 706 3548)
8 April 2013
Johannesburg
Sponsor
River Group
Date: 08/04/2013 08:47:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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