Aug 1 (Reuters) - Summit Resources Ltd (SMM) :
- IT HAS ENTERED INTO A BID IMPLEMENTATION AGREEMENT (BIA) WITH PALADIN ENERGY LIMITED (PALADIN)
- UNDER OFFER, SUMMIT SHAREHOLDERS WILL RECEIVE ONE NEW PALADIN SHARE FOR EVERY ONE SUMMIT SHARE HELD
- OFFER PRICE REPRESENTS APPROXIMATELY A$0.202 PER SUMMIT SHARE
- OFFER SUBJECT TO PALADIN HAVING AT LEAST 75% ACCEPTANCES & A RELEVANT INTEREST IN MORE THAN 90% OF ALL SUMMIT SHARES
- INDEPENDENT DIRECTORS UNANIMOUSLY RECOMMEND THAT SUMMIT SHAREHOLDERS SHOULD ACCEPT OFFER
- PALADIN WILL MAKE AN OFF-MARKET CONDITIONAL TAKEOVER BID FOR ALL OF ISSUED SHARES OF SUMMIT IT DOES NOT PRESENTLY HOLD
