re: Ann: OUM: Intention to Make Takeover Bid ... It is...

re: Ann: OUM: Intention to Make Takeover Bid ... It is unfortunately an opportune time for cashed up shells to buy potentially profitable mines at heavily discounted prices. Matildas Minerals recently is another one of note. CMR's assets too will be bundled out to someone at liquidation prices IMO. In my experience, look for entities which indirectly held assets in the intitial company and delve into the registry - may not be ethical. Legality may be another issue.

Sydney - Wednesday - Feb 18: (RWE Australian Business News) -
Outback Metals Ltd (ASX:OUM) has made a takeover bid for Queensland Ores
Ltd (ASX:QOL) following negotiations with the board of QOL.
The QOL board intends to support the offer in the absence of a
superior proposal being received and providing an independent expert
concludes the offer is fair and reasonable.
Under the scrip-only offer QOL shareholders will receive one
share in OUM for every 4.79 QOL shares.
If the offer is successfully completed, QOL shareholders will
hold 23pc of the combined entity.
Based on the closing price of OUM shares when last quoted on
February 10, the offer represents a 16pc premium to the price of QOL.
OUM currently holds 1.25m shares in QOL.

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Mr Chris Jordinson, the CEO of Outback Metals, commented: "OUM
has provided QOL with short-term funding as previously announced and
since then, OUM has concluded that QOL's assets are complementary to
those projects held by OUM.
"OUM believes there are synergies between the two companies and
that a merged entity will add better value to shareholders of both OUM
and QOL going forward.
"In addition, OUM believes that its management team will be able
to contribute, particularly to the Wolfram Camp Project, and there is a
reasonable possibility that the Wolfram Camp Project be returned to
production."
Mr Roger Marshall, the chairman of Queensland Ores, said: "QOL
has not been able to secure appropriate funding to continue operations
at the Wolfram Camp Mine.
"The offer from OUM gives QOL shareholders an opportunity to be
part of a company with a chance for future growth.
"The board of QOL is supporting this bid in the absence of a
superior offer, subject to an independent expert concluding the offer is
fair and reasonable, and with the acknowledgement that the combined
entity will require further funding to return the company to producer
status."