Larvotto Says Hammer Metals Board Continues to Urge Shareholders to Vote for Larvotto's Takeover Bid in Absence of Superior Offer

MT Newswires Live07-08

Larvotto Resources (ASX:LRV) said that Hammer Metals (ASX:HMX) noted that the Hammer board is committed, and unanimously in favor, that Hammer shareholders vote in favor of the Larvotto takeover offer, in the absence of a superior proposal, according to a Wednesday Australian bourse filing.

Hammer received an unsolicited, nonbinding, and indicative proposal from Austral Resources (ASX:AR1) to acquire 100% of its issued capital by way of a scheme of arrangement, implying total consideration of AU$0.087 per Hammer share.

Hammer indicated that while Hammer believes the Austral offer could become a superior proposal to the current offer from Larvotto, the Austral offer remains nonbinding and indicative, is incomplete and conditional, and is not an offer capable of acceptance. The board of Hammer, therefore, has not triggered the matching right in favor of Larvotto under the firm's scheme implementation deed.

Larvotto's shares fell 2% in early trading on Wednesday.

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