Perserverance Corporation 12 Mar 08

20c a share takeover completed

Perseverance shareholders will by now have received in the mail cheques with respect to the 20 cent-a-share takeover offer by North American miner, Northgate Minerals. The $282 million cash takeover offer for Perseverance was lodged late last year by Northgate. As we had previously highlighted, the offer was the best possible outcome for Perseverance shareholders.


"Perseverance shareholders should by now have received cheques in the mail relating to the Northgate buy-out."

As we have discussed in our previous coverage of Perseverance Corporation, the company was subject to a white knight takeover offer last year by Northgate Minerals. The 20 cent-a-share cash offer was attractively priced in the light of the company's share price performance.

The board of Perseverance gave their unanimous support to the Northgate bid and recommended that shareholders accept it. We also recommended that Members holding Perseverance should accept the Northgate offer.

At a shareholder meeting on 18 January 2008, Perseverance shareholders voted in favour of accepting the Northgate takeover and the offer was approved by the Victorian Supreme Court on 1 February. The company's shares were suspended from trading in early February

Members who are Perseverance shareholders should have received cheques in the mail no later than 25 February.

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