In the December 2011 Quarterly Report, Ampella announced that
it had appointed Macquarie Capital and Gresham Advisory
Partners to provide advice on all options to enhance returns
to shareholders and respond to proposals that may be received
from time to time. This followed approaches from a number of
leading gold companies seeking access to due diligence in
order to develop proposals for the Ampella Board to
consider.
To date, no party has been provided with access to non-public
information.
With the recently completed capital raising, Ampella now has
approximately $55 million in cash and is fully funded to
pursue its programme of exploration and development work
planned for the next 12 -
18 months. This includes the regional exploration programme
the subject of an announcement earlier
today.
In recent weeks, Ampella has received further expressions of
interest and requests for access to due diligence from other
gold companies. Rather than continue to deal with these
requests on an ad hoc basis, the Ampella Board has resolved
to instruct its financial and legal advisers to undertake a
targeted process to test whether any party with an interest
in Ampella is willing to put forward a proposal which is
attractive enough to win the unanimous support of the Ampella
Board.
The Chairman of Ampella, Peter Mansell said:
"With our strong balance sheet, Ampella is now very well placed to continue down its current path and in the absence of a compelling alternative that is what we intend to do. Having said that, we have had approaches from serious global players in the gold sector and we concluded that we had a duty to all shareholders to properly test whether any one of those parties is prepared to make an offer to acquire Ampella on terms that would be attractive to our shareholders."
"Ampella is in a rapid growth phase and we did not want our board and management team distracted by a number of separate approaches. We therefore instructed our advisers to run a targeted process as quickly as possible to test the level of corporate interest. If we receive a proposal that is sufficiently attractive to recommend to shareholders we will move forward with it. If we do not, we will shut down further discussions and move forward aggressively with our exploration and development programme."
Ampella does not intend to provide further information about
the status of discussions with third parties until such time
as a final position is known. This is likely to take 2-3
months.
www.ampella.com.au
Suite 22, Level 1
513 Hay Street Subiaco WA 6008
PO Box 352 Subiaco WA 6904
ABN. 59 121 152 001 phone. +61 8 6142 0980 fax. +61 8 9200 1879
email.
info@ampella.com.au Executive Management Change
Ampella also announces that Evan Cranston, Executive Director
- Corporate, has advised that he will be resigning to pursue
other personal business interests.
Mr Cranston said:
"I have thoroughly enjoyed the past 3 years taking Ampella from a micro-cap junior to where it is today. However I have now decided that it is time to spend more time on my other business interests. Having managed the recent capital raising, I know I am leaving the Board and management team in a very strong position to grow the Company for the benefit of all shareholders. Ampella is now funded to enter into an exciting stage of the Company's development and I am supportive of the Board and the future direction of the Company."
The Board of Ampella wishes to formally record its appreciation on behalf of all shareholders for the contribution that Evan has made to the success of Ampella. Evan over the last 3 years in his role as Corporate Director for Ampella has been instrumental in the growth of Ampella and we wish him every success in his future endeavours.
For further information, please contact: Dr Paul Kitto - Managing Director: +61 419 883 563 Michael Ashforth - Executive Director, Macquarie Capital: +61 8 9224 0644 Justin Mannolini - Managing Director, Gresham Advisory Partners: +61 8 9486 7077Website: www.ampella.com.au
Ampella is a gold exploration and mine development company with a mission to acquire, explore, develop and mine high quality mineral assets resulting in wealth creation through efficient and responsible stewardship of its resources for the benefit of shareholders and other stakeholders in the West African country of Burkina Faso, one of the world's fastest growing gold producing regions. Ampella's management team, with over 80 years African experience, is solely focused on developing the Konkera Resource and exploring a pipeline of high quality gold prospects across its Batie West Project.www.ampella.com.au
distributed by | This press release was issued by Ampella Mining Limited and was initially posted at http://www.ampella.com.au/public/documents/4/1/120401-1 Corp Interest and Mgmt Change.pdf . It was distributed, unedited and unaltered, by noodls on 2012-04-02 03:11:05 AM. The issuer is solely responsible for the accuracy of the information contained therein. |