Company News Summary
Northern Iron Provides Update on Strategic Review
Original announcement: Update on Strategic Review
Northern Iron referred to its announcement of 30 July 2012 regarding, among other things, the indicative, non-binding stage one proposal from Prominvest AG. The company advised that following further engagement with Prominvest representatives, a revised proposal has been received. Under the terms of the revised proposal, Prominvest has withdrawn its request for exclusivity. The board will now offer Prominvest detailed stage two due diligence including management meetings and site visits subject to agreement with Prominvest on appropriate terms to govern the process. The company noted that the revised proposal assumes net debt of US$93m, and is valid for a period of 25 days, subject to extension at the election of Prominvest.
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