Highlights

  • Acceptances received in respect of mo re than 50% of Mutiny shares
  • All Mutiny directors have acce pted Doray’s takeover offers in respect to their own holdings
  • Offer extended to 7.00pm (Sydney ti me) on 23 January 2015 (unless further extended or withdrawn)
  • Doray to pay a handling fee to brokers in respect of valid acceptances received from 16 December 2014

Update on acceptances of Offers

Doray has now received acceptances under the Offers in respect to more than 50% of the Mutiny ordinary shares on issue.

Including all acceptances received up to and in cluding 12 December 2014, Doray has received acceptances in respect of 341,412,008 ordinary shares in Mutiny, taking its relevant interest in Mutiny to approximately 50.34%. Doray has also received acceptances up to that date in respect of 45,022,163 listed options, representing approximately 53.21% of the listed options in Mutiny.

Importantly, all of Mutiny’s directors have now accepted the Offers in respect of their own holdings, as have the Mutiny shareholders that entered into pre-bid acceptance agreements in relation to the Offers.

The Mutiny directors continue to unanimously recommend that Mutiny security holders accept the Offers, in the absence of a superior proposal.

Doray has today sent new acceptance forms to those Mutiny security holders that are yet to accept the Offers made to them. Mutiny security holders that have any questions relating to the Offers or how to accept the Offers made to them, should contact the Doray Information Line on +61 8 6140 7422 between 9.00am and 5.00pm (Perth time) Monday to Friday.

Extension of the Offers

In order to provide those Mutiny security holders that have not yet accepted the Offers adequate time to do so, Doray intends to extend the closing date of the O ffers such that they close at 7.00pm (Sydney time) on 23 January 2015 (unless further extended or withdrawn).

A formal notice of variation relating to the extended offer period has been lodged with ASIC and provided to Mutiny and is in the process of being sent to Mutiny security holders. A copy of this notice, together with a copy of the letter being sent to Mutiny security holders, is attached to this announcement.

Broker handling fees

To facilitate the acceptance process for Mutiny security holders who have not yet accepted the Offers, Doray will pay a handling fee to participating ASX stock brokers who facilitate the delivery of valid acceptances into the Offer made for Mutiny ordinary shares commencing from 16 December 2014, subject to the conditions set out in Doray’s First Supplementary Bidder’s Statement.

The handling fee will be 0.75% of the Offer consideration paid for Mutiny’s ordinary shares, and will only be paid if the Offers become or are declared unconditional. The maximum fee per accepting Mutiny shareholder will be capped at A$750. Brokers are not entitled to payment of any handling fee in respect of Mutiny ordinary shares in which they or their associates have a relevant interest.

Full details of the handling fee are set out in Doray’s First Supplementary Bidder’s Statement dated 15 December 2014, a copy of which is also attached to this announcement in accordance with section 647(3)(b) of the Corporations Act 2001 (Cth).

Doray’s Managing Director Allan Kelly said the Board was pleased with the strong support already received for Doray’s takeover offer by Mutiny security holders.

"The Doray Board looks forward to successfully completing the takeover offer so we can get on with building a leading mid-tier, high-grade, Western Australian gold company", Mr Kelly said.