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FSE
FSE
FSE - Firestone Energy Limited - Firestone rejects Tata Offer
FIRESTONE ENERGY LIMITED
(Incorporated in Australia)
(Registration number ABN 058 436 794)
Share code on the JSE Limited: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
(SA company registration number 2008/023973/10)
("FSE" or "the Company")
FIRESTONE REJECTS TATA OFFER
Firestone Energy Limited (ASX/JSE: "FSE") ("Firestone" or the "Company") wishes
to advise that on 7 March 2012 Firestone announced that it had received an offer
from the Tata Power Company Limited to invest in its joint venture with Sekoko
Resources to develop a coal mine in the Waterberg area of South Africa (the
Project).
Following consideration of the offer the board of Firestone has decided to
reject the offer for reasons including that in the opinion of directors the
offer materially undervalues the value built up in the Project to-date.
For further information please contact:
David Perkins
Deputy Chairman
FIRESTONE ENERGY LIMITED
Phone +61 2 926 0131
www.firestoneenergy.com.au
About Firestone Energy
Firestone Energy Limited is an independent, Australian exploration and
development company listed on the Australian Stock Exchange Ltd (ASX) and the
Johannesburg Stock Exchange (JSE). Firestone Energy has entered into a Joint
Venture with Sekoko Resources (Pty) Ltd through which Firestone Energy has
acquired the right to 60% participation interests in the Waterberg Coal Project
located in Lephalale area, Limpopo Province, South Africa.
The first stage of the project is to develop the Smitspan mine which has a
substantial measured thermal coal resource and to develop the Vetleegte mine
which is a substantial metallurgical coal deposit.
Firestone Energy is committed to becoming a profitable independent coal and
energy producer at its projects in South Africa, thereby making a substantial
contribution to the social and economic development of the Lephalale area and
South Africa.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
3,114 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
Linc Energy Ltd
BBY Nominees Pty Ltd
Bell Potter Nominees Ltd
Directors and Officers
Non Executive Directors:
Mr Tim Tebeila (Chairman)
David Perkins (Deputy Chairman)
Dr Pius Kasolo
Ben Mphahlele
Kobus Terblanche
Officers:
Mr David Knox CEO
Mr Jerry Monzu Company Secretary
Contact:
Suite B9, 431 Roberts Road
Subiaco, Western Australia 6008
Tel: +61 (08) 9287 4600
Web: www.firestoneenergy.com.au
About Sekoko Resources
Sekoko Resources (Pty) Ltd is a South African-based black-owned energy and
minerals company developing the coal, magnetite iron ore and PGMs Projects in
the Limpopo Province of South Africa. This includes a significant exploration
program and development of the Waterberg Coal Joint Venture Project based on
significant Coal Zone Resources.
3 April 2012
Pretoria
Sponsor
River Group
Date: 03/04/2012 07:58:01 Produced by the JSE SENS Department.
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