HRR 6.94% 6.7¢ heron resources limited

hrr to receive min shares valued @ $37 million

  1. 5,139 Posts.
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    What a fantastic outcome for Heron!!
    A cash and asset rich company. Well done to all involved and not to mention Heron holders who also bought into Polaris on the back of Heron divesting its non nickel assets a few years ago.

    ASX Release – 14th December 2009

    Heron Resources Limited (Company or Heron) is pleased to announce that following the exercise of all of its 14,000,000 options in Polaris Metals NL, Heron has accepted the Mineral Resources Limited (MIN) share offer for all of the remaining Polaris securities under its control being 18,260,593 shares. Following settlement of these acceptances in accordance with the terms of the MIN share offer, Heron will receive $1,826,059.30 and 1,826,059 fully paid ordinary MIN shares.

    This means Heron will be the registered holder of 5,324,324 fully paid ordinary MIN shares following the recent issue of the 3,498,265 fully paid ordinary MIN shares to Heron for settlement of the acceptance related to the 19.9% of Polaris that Heron committed to MIN to initiate this transaction.

    Based on MIN's share price today, this holding in MIN is worth in excess of $37,000,000. The Company considers that MIN’s acquisition of Polaris represents an excellent outcome for Heron shareholders and congratulates MIN on successfully implementing this transaction.
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