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Polaris Metals Reports Takeovers Panel Received Application from Lion-Asia Resources
Tuesday November 24, 2009, 5:29 pm

Original Announcement: TOV:Lion-Asia Resources Pte Ltd - Panel Receives Application

Polaris Metals reported following the Lion-Asia Resources announcement, the Takeovers Panel has received an application from Lion-Asia under s656A of the Corporations Act for a review of an ASIC decision. Lion obtained an exemption from ASIC under its policy on joint bid relief from a breach of s606. It contained a condition that the Lion takeover offer be subject to a minimum acceptance condition of 50.1%, excluding the Polaris shares held by Lion Diversified and an interest held by another shareholder. That shareholder had entered into a pre-bid acceptance agreement with Mineral Resources Limited, a rival bidder for Polaris. Lion-Asia is seeking a review of the minimum acceptance condition in ASIC's relief. A sitting Panel has not been appointed at this stage and no decision has been made whether to conduct proceedings. The Panel makes no comment on the merits of the application.

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