21 July 2015
NZX Market Announcement
Antipodes Gold Transaction
Aorere Resources (AOR) announced to the market on 2 April 2015 a conditional agreement (Agreement) to acquire certain gold joint venture interests from Antipodes Gold Limited (Antipodes).
Included in the Agreement conditions was Antipodes obtaining counterparty consents to the proposed transaction. Critically this included working through a pre-emptive rights process with the joint venture partner – Newmont Mining Corporation (Newmont). Newmont has now advised Antipodes that it intends to exercise its pre-emptive rights and acquire the Antipodes joint venture interests.
Accordingly it is likely this condition in the Agreement will not be satisfied and that the Agreement is now at an end.
A further condition of the Agreement was for Antipodes to make a full takeover offer for Chatham Rock Phosphate Limited (CRP). AOR holds a significant investment in CRP. The purpose of the takeover was for CRP to assume Antipodes’ listings on the Toronto Venture Exchange and the NZX Alternative Market to facilitate its phosphate investment diversification strategy.
Pleasingly the intention to undertake this takeover remains and the CRP and Antipodes Boards are now in discussions directly to progress this transaction further. The AOR board supports such a transaction in principal believing it will give CRP a stronger platform for re-building value.