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AVOCA TAKEOVER OFFER

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Your Directors believe that Avoca’s Offer is inadequate on the basis that it does not fully value your Dioro Shares and is opportunistically timed.

 

KPMG, the Independent Expert, has assessed that the value of a Dioro Share is in the range of $1.40 to $2.28, with a preferred value of $1.88, and concluded that the Offer is NOT FAIR AND IS NOT REASONABLE.

 

Your Directors unanimously recommend that you REJECT Avoca’s unsolicited, undervalued and opportunistic all scrip Offer. Your Directors recommend that you take NO ACTION in relation to documents or phone calls received from Avoca.

 

The detailed reasons for the recommendation of rejecting the Offer are set out in Section 2 of the Target’s Statement.

 

Your Directors intend rejecting the Offer in respect of their personal holdings of Dioro Shares.

 

To reject the Avoca Offer, you should simply DO NOTHING and IGNORE all documentation sent to you by Avoca.

 

You are encouraged to carefully read the Target’s Statement in its entirety and to also read the Bidder’s Statement for more details about the Offer and about Avoca.

 

Please refer to the announcements section of this website to view 

the Target's Statement.

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Dioro is an integrated gold producer with operational ‘know-how’ in open pit mining, underground mining, mine development, resource development and all facets of exploration. Dioro is listed on the Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX) and has an ambitious growth strategy to build itself into a mid-tier gold producer through exploration and M&A. In 12 months, Dioro has more than doubled its market capitalization, commenced gold production on two fronts, increased its workforce from 5 to 140 and tripled its exploration acreage.

Dioro has recently grown its ASX and TSX compliant measured and indicated resource inventory to approximately 2.1 million ounces of gold (when combining the company's 49% interest in the Frog's Leg project and 100% of South Kal project). This does not include another 600,000oz of inferred resources. Read more..

 

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