■Tethyan’s latest announcement on 12th October 2005 Company Crosby Capital Partners Inc TIDM CSB
クロズビーCapital Partners、Inc TIDM CSB社
Headline Tethyan Copper Company Limited 12 October 2005 Crosby Capital Partners, Inc (‘Crosby’ or the ‘Company’) Response to Tethyan Copper Company Limited (ASX: TYC) latest Announcement Tethyan’s latest announcement on 12th October 2005 regarding delays and increased costs for developing the Tanjeel Project reconfirms Skafell’s strongly held belief, which was highlighted in its bidders statement, namely that potential projects in Reqo Diq, the most advanced of which is Tanjeel are still at a very early stage of development, and are without a completed Bankable Feasibility Study
Previously the management of Tethyan had forecast that project construction for Tanjeel would commence around August 2005, and this forecast proved to be totally inaccurate.
From the latest announcement, it seems that the Bankable Feasibility Study for Tanjeel will not be completed until the first quarter of 2006 . and it remains unclear when development and construction will start.
Skafell had further highlighted that there is lack of dedicated management at Tethyan, in that David Moore remains the Managing Director of Mincor Resources NL, sharing his time with Tethyan.
Skafell strongly believes that having a part time Managing Director has, and continues to be detrimental for Tethyan Shareholders and Skafell is puzzled that this state of affairs has continued.
I am sorry that shareholders have had to confront this shock, especially in the light of the unusually bullish statements made by management in the past few months.
In the context of a contested takeover the management of a target company should exercise prudence and restraint in describing its business and potential, and yet TYC has bombarded the market with announcements and updates that have highlighted positive issues whilst painting an unusually robust outlook.
The passing of this resolution will constitute a prescribed occurrence as described in the Skafell takeover offer and as a result will give Skafell the right to rescind any shareholder acceptances.
Skafell believes it is not in the best interest of shareholders to approve this resolution.
Skafellは、この解像度を承認するために株主の最も良い利子にはそれがないと信じています。
12 October 2005 For further details or Media Inquiry please contact Mr. John Gardner Mr Shahzad Ashfaq Phone:612 8281 3232 Profile Crosby Capital Partners, Inc Crosby Capital Partners, Inc is listed on the Alternative Investment Market of the London Stock Exchange (Stock Code: CSB LN) and is Asia’s leading independent merchant banking and asset management firm