Paladin edges closer to control of NGM

Uranium miner Paladin Energy Ltd has edged closer to taking control of Niger-focused
uranium explorer NGM Resources.
Paladin on Monday increased its stake in NGM to 78.92 per cent, up from 71.8 per
cent previously.
Paladin on Friday was forced by the Takeovers Panel to continue its $27 million
takeover bid for NGM because the reasons it gave for plans to let its offer lapse
were deemed unacceptable.
The miner last month said that defeating conditions for its offer had been triggered
by terrorist activities in Niger, but the Takeovers Panel said last week Paladin had
not shown that there was a materially adverse effect on NGM.
Paladin's offer will lapse and all acceptances will become void if it does not hold
at least 90 per cent of NGM when the bid closes on October 22.
NGM on Monday said it continued to unanimously recommend that its shareholders
accept the offer in the absence of a better bid.
"For NGM shareholders to benefit from the takeover offer, it is important that all
NGM shareholders, irrespective of the size of their shareholdings, accept Paladin's
offer without delay," NGM said.
Paladin's shares closed 12 cents, or 3.28 per cent, higher at $3.78 while NGM shares
finished steady at 14.5 cents.



------------------------------------------------------------------------------
This email is intended for the use of the addressee only. If you receive this email
in error, please delete it immediately. This email may contain information which is
confidential and/or legally privileged. You must not use or disclose the contents of
this email, or add the sender's email address to any database, list or mailing list
unless you are expressly authorised to do so. The statements or views expressed in
this email are those of the individual sender and are not those of Australian
Associated Press Pty Ltd (AAP). These statements are not binding on AAP, except
where the sender expressly and with authority, states them to be. AAP is unable to
review the contents of all the email on its system. To the extent permitted by law,
AAP disclaims all liability for any loss or damage caused by the contents of this
email. www.aap.com.au