Key points
- Metalloinvest, which holds a 21 per cent interest in Nautilus, and MB Holding, which holds 16.9 per cent, have not been approached by Michael Bailey.
- Michael Bailey announced the unsolicited take-over bid in a press release on Jan. 7.
- The Nautilus board of directors said it is unable to determine the validity of the offer.
- The board advised shareholders to take no action on the offer until they receive further communication, while management continues work on the company’s seafloor copper-gold project.
NAUTILUS UPDATE REGARDING PREVIOUSLY ANNOUNCED UNSOLICITED TAKE-OVER BID
Management of Nautilus Minerals Inc. continues to seek detailed information respecting the bid that Michael Bailey discussed in his daily press releases last week.
Nautilus has been advised by representatives of the company’s two largest shareholders, Metalloinvest, which holds an interest of 21 per cent, and MB Holding, which holds an interest of 16.9 per cent in the company, that they have not been approached by Mr. Bailey concerning the offer announced in his Jan. 7 press release.
Furthermore, given the unusual events to date, and the knowledge that a similar offer has been announced by Mr. Bailey in the past, the board of directors is unable to make any determination regarding the validity of the offer.
The board of directors will consider the unsolicited offer, if and when it is formally made, and maintains its advice to shareholders not to take any action in respect of such offer until shareholders have received further communication from the board.
In the meantime, the Nautilus management team remains focused on maximizing shareholder value by delivering on the company’s primary objective, being the development of the world’s first seafloor copper-gold project.
