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Hi All


Just released on the ASX:


Taurus Minerals Launches Unconditional all Cash Offer



Bidder's Statement- Off-market bid by Taurus Minerals



Now the EXT BOD's have a bidders statement, let's see how long it is until we get a response!





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is this some kind of sick joke


and ASX has seen this set of Doucs, ????????


and now why I think it all some kind of sick joke,



can you find the closing date ANYWHERE ?



all you will find is " insert date' where the date should be placed.


and ASX saw this.......... errr, something is either wrong with my eyes or very wrong with the ASX !


Please tell me its my eyes.

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hi Kos,

but it does seem a little sloppy.



well that would be the World's best understatement

remember we are dealing with a billion dollar company



our wonder people at ASX who are here to protect all, read these docs, which FAILED to include a closing date


its a joke surely ?

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To EXT Management,


Tomorrow is a VERY good time to release those 9mths of drilling results and maybe input those figures in to the modelling software to perhaps have a resource upgrade and sell the asset for what it should be worth. I can give you a few lead names to make some enquiries and gauge the players for their appetite as a white knight.


If this is not such an important asset, why would Taurus not put some restrictive or threatening conditions and simply leave it unconditional. Are they contented with the holding but being forced by ASIC to make that downstream offer or genuinely interested in a complete TO.



We have 1 month.


If we accept the offer we know that any improved offer by Taurus will be converted to the improved price.


Does this apply if the improved offer is RIO or white knight (optimism) ?


What are the risk of not taking the offer?


I am anticipating that Rio is not contented with their 14% so they would make an improved offer to sway the big holders in the top 10. But if they are happy with their holdings then they would still be 32% floating in the ASX tempting Taurus to make a better offer for our holdings. Seems like the subtle threat made in the bidder statement is indeed that. Any other opinions?

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I agree that today is the day for EXT to provide a recommendation. It's not like it's a surprise. If there's something happening in the background and/or results to be released that may change sentiment, then they should say. The urgency IMHO is due to the tone and mildly threatening (I feel) language in the cash offer (your investment will be diluted, and this offer is only available at this time until <insert date here>). Some may be subconsciously rushed into a hasty decision.


So yes, what does our BOD say about this missive?

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The offer remains open for 30 days, after you recieve the said document, read the ASX release from EXT.




EXT Management, should now release the JORC update asap, if they intend not releasing this upgrade until the 2nd Qtr


as has been stated, that only means one thing, they do not give a rats arse about shareholders, inst there is no excuse

because they have known for monthe that this offer was coming, so if they have sat on their bottoms and have not

collated all the results too give this update, we all should get in contact with the ASX & ASIC, because they have a duty

to release these results so all shareholders can make a informed decision.










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Extract receives Taurus Bidder's Statement


February 14, 2012: Extract Resources Ltd (ASX/TSX/NSX: EXT) ("Extract" or "the Company") has today received a Bidder's Statement from Taurus Mineral Limited ("Taurus") containing the terms of the proposed unconditional cash offer for all of the shares in Extract at a price of A$8.65 per share ("Taurus Offer").


Extract's Independent Directors will carefully review the Taurus Bidder's Statement and provide Extract shareholders with a Target's Statement containing the Directors' recommendation and all relevant information to allow shareholders to make an informed decision on the Taurus Offer. Offers must be despatched to Extract shareholders by no later than 1 March 2012, at which point the Taurus Offer will open for acceptance. The Taurus Offer must then remain open for at least 30 days.


In the meantime, shareholders are advised to take no action and await further guidance from Extract's Independent Directors.


Extract also notes that the Australian Securities and Investments Commission ("ASIC") has granted Extract relief from s640(1) of the Corporations Act 2001, which would otherwise require Extract's Target's Statement to be accompanied by an Independent Expert's Report.* This potential requirement arose as a result of the sequencing of Taurus' upstream offer for Kalahari Minerals plc followed by its offer for Extract. Extract's Independent Directors believe the granting of the relief constitutes a recognition by ASIC of Extract's independence from Taurus.




* Does this mean we will not be getting an "Independent Experts Report" giving a true valuation of EXT?

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