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FIRESTONE ENERGY LIMITED - Independent Experts Opinion

Release Date: 12/04/2013 07:05
Code(s): FSE     PDF:  
Wrap Text
Independent Experts Opinion

  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")                                                                                         About Firestone Energy

                                                                                           Firestone Energy Limited is an
          11 April 2013
                                                                                           independent, Australian exploration and
                                                                                           development company listed on the
                                                                                           Australian Stock Exchange Ltd (ASX) and
                                   Independent Experts Opinion                             the Johannesburg Stock Exchange (JSE).
                                                                                           Firestone Energy has entered into a Joint
                                                                                           Venture with Sekoko Resources (Pty) Ltd
                                                                                           through which Firestone Energy has
          Firestone Energy Limited (ASX/JSE: FSE) (the “Company” or “Firestone”) wishes    acquired the right to 60% participation
          to draw Shareholders attention to the updated Independent Experts Report by      interests in the Waterberg Coal Project
          Deloitte Corporate Finance Pty Limited (Deloitte), as attached to this           located in Lephalale area, Limpopo Province,
          announcement. The opinion by Deloitte on the Supplementary Bidders Statement     South Africa.
          (“Offer”), served on the Company on 27 March 2013, by Range River Gold Limited
          (“RNG”), was inadvertently omitted from yesterdays announcement.                 The first stage of the project is to develop the
                                                                                           Smitspan mine which has a substantial
                                                                                           measured thermal coal resource and to
          All Firestone announcements are available on the Company’s website
                                                                                           develop the Vetleegte mine which is a
          on www.firestoneenergy.com.au and via www.asx.com.au.
                                                                                           substantial metallurgical coal deposit.

          Shareholders can also receive further information on the Offer by calling the    Firestone Energy is committed to becoming a
          Firestone shareholder information line on: 1800 643 977 or for international     profitable independent coal and energy
          calls +61 2 8256 3363.                                                           producer at its projects in South Africa,
                                                                                           thereby making a substantial contribution to
          Yours sincerely,                                                                 the social and economic development of the
                                                                                           Lephalale area and South Africa.

                                                                                           Corporate Details
                                                                                                                                ASX: FSE
          David Knox                                                                                                            JSE: FSE
          Chief Executive Officer                                                                                          Issued Capital:
          www.firestoneenergy.com.au                                                                        3,549 million ordinary shares
          Tel: Australia (+61 08 9287 4600)
               South Africa (+27 11 706 3548)                                                                       Major Shareholders:
                                                                                                             Sekoko Resources (Pty) Ltd
                                                                                                                         Linc Energy Ltd
                                                                                                                 BBY Nominees Pty Ltd
                                                                                                               Bell Potter Nominees Ltd

                                                                                                                 Directors and Officers

                                                                                                             Non Executive Directors:
                                                                                                             Mr Tim Tebeila (Chairman)
                                                                                                       David Perkins (Deputy Chairman)
                                                                                                                         Dr Pius Kasolo
                                                                                                                        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 4600




                                                                                                                Deloitte Corporate Finance Pty Limited
                                                                                                                ACN 003 833 127
                                                                                                                AFSL 241457

                                                                                                                Woodside Plaza
                                                                                                                Level 14
                                                                                                                240 St Georges Terrace
                                                                                                                Perth WA 6000
                                                                                                                GPO Box A46
                                                                                                                Perth WA 6837 Australia

                                                                                                                Tel: +61 8 9365 7000
                                                                                                                Fax: +61 8 9365 7001
                                                                                                                www.deloitte.com.au
Independent Directors
Firestone Energy Limited
Suite B9, 431 Roberts Road
Subiaco 6008 WA



10 April 2013




Dear Directors


Re: Range River Takeover Offer for Firestone
On 7 March 2013, Deloitte Corporate Finance Pty Limited (Deloitte) issued an independent expert’s report (IER) in
relation to the Takeover Offer for Firestone Energy Limited (Firestone) by Range River Gold Limited (Range River).
Our opinion was that the Takeover Offer was neither fair nor reasonable to non-associated Firestone shareholders.
Regulatory Guide 112 issued by the Australian Securities and Investments Commission requires us to consider all new
information that may have a material impact on our opinion subsequent to its issue.
Range River released supplementary Bidder’s Statements on 19 March 2013 (First Supplementary Bidder’s Statement)
and 27 March 2013 (Second Supplementary Bidder’s Statement). Range River has made a number of other public
announcements providing additional information and updates on related matters. The key matters set out in the First
Supplementary Bidder’s Statement were fully considered in our IER as they were originally announced via the Range
River notice of general meeting issued on 21 February 2013.
The Second Supplementary Bidder’s Statement and the other public announcements are referred to as the New
Information. We have considered the New Information and have completed our analysis of the effect of the New
Information on our opinion.
Our opinion has not changed and remains that the Takeover Offer is neither fair nor reasonable to non-associated
Firestone shareholders.
Yours faithfully




Nicki Ivory
Director
Deloitte Corporate Finance Pty Limited




Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member
firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/au/about for a detailed description of the legal
structure of Deloitte Touche Tohmatsu Limited and its member firms.
Member of Deloitte Touche Tohmatsu Limited

Johannesburg
11 April 2013

Sponsor

River Group

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