CNM Consol.Minerals

RNS Number:2985J
Consolidated Minerals Limited
06 December 2007



ASX / AIM Release                                                6 December 2007





             INCREASED PALMARY OFFER AND DIRECTORS' RECOMMENDATION






The Board of Consolidated Minerals Limited (ASX: CSM, AIM: CNM, FSE: CMN)
welcomes the recent announcement by Palmary Enterprises (Australia) Pty Limited
(Palmary) increasing its offer to $5.00 per CSM share and provides the following
update:

Palmary's Offer

The Board of CSM notes Palmary's announcement that:

*  Palmary intends to increase its offer for CSM shares from $4.70
   per CSM share to $5.00 per CSM share;

*  the increased offer will constitute Palmary's last and final
   offer, save that Palmary may increase its offer price if an alternative or
   competing proposal for control of, or for the acquisition of a substantial
   interest in, CSM (or all or part of the business, or any significant assets, 
   of CSM) is made, publicly announced, or publicly foreshadowed or contemplated 
   by any person; and

*  Palmary's offer will be extended as a result of the increase in
   consideration until 7.00 pm (Melbourne time) on 20 December 2007, although
   Palmary has reserved its right to extend its offer further.

Pallinghurst's Response

The Board of CSM also notes the subsequent announcement by Pallinghurst
Resources Australia Limited (Pallinghurst) that:

*  Pallinghurst has accepted Palmary's increased offer for part of
   its holding of CSM shares and intends to accept Palmary's increased offer for
   all of its remaining and future holdings of CSM shares; and

*  Pallinghurst will not voluntarily extend or increase its offer
   for CSM shares.

Pallinghurst's offer for CSM shares will therefore close at 7.00pm (Melbourne
time) on 6 December 2007.

Directors' Recommendation

Consequently, the CSM Directors continue to unanimously recommend that CSM
shareholders ACCEPT Palmary's increased offer, in the absence of a superior
proposal.

Each of the CSM Directors will now initiate their acceptance of Palmary's offer
in respect of 100% of their current holdings in CSM shares, in the absence of a
superior proposal.

Accepting by the closing date of 20 December 2007 will mean shareholders will be
paid by 10 January 2008.


CSM is being advised by JPMorgan and Blake Dawson.



Contact:


Rod Baxter
Managing Director

David Brook
Manager - Corporate Affairs and Investor Relations

Consolidated Minerals Limited
Telephone: (+61 8) 9321 3633
www.consminerals.com.au


The Company's nominated adviser is RFC Corporate Finance Ltd - contact 
Stephen Allen +61 8 9480 2507.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

OUPIIFIIFFLRIID

Grafico Azioni Consolidated Minerals (LSE:CNM)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni Consolidated Minerals (LSE:CNM)
Storico
Da Lug 2023 a Lug 2024