Doray chairman reiterates benefits of Silver Lake takeover
Doray Minerals Limited (ASX: DRM) Chairman Julius Matthys reiterated his Board’s support for the Scheme of Arrangement with Silver Lake Resources Limited (ASX: SLR) prior to the vote today by shareholders (carried 99.19% of votes in favour) and option holders (carried 100% of votes in favour) at Scheme Meetings in Perth.
Pending Supreme Court of Western Australia approval of the Scheme of Arrangement, Silver Lake Resources will acquire all issued ordinary shares in Doray Minerals. Mr Matthys said the merger would create an enlarged group which would have two strongly performing gold operations in Western Australia and a balance sheet that would enable the group to extract maximum value from the combined assets and pursue a committed growth strategy.
Doray Minerals is pleased to provide the following extract from the Chairman's Address to the Share Scheme meeting of Shareholders to be held this morning.
"Good morning ladies and gentlemen, my name is Julius Matthys and I am the Chairman of Doray Minerals Limited. I would like to begin by welcoming you to today's Share Scheme meeting and thank you for your attendance.
"Today is a significant day in the history of Doray. Today, shareholders will be asked to vote on a proposed Share Scheme of Arrangement under which Silver Lake Resources Limited (Silver Lake) proposes to acquire all of the issued ordinary shares in Doray. If approved, the merger will create an enlarged group which will have two strongly performing gold operations in Western Australia and a balance sheet that will enable us to extract maximum value from our assets and pursue a committed but disciplined strategy of growing shareholder wealth.
"Investors, both large and small, in Australia and overseas, have been telling us for some time that they want to see Doray grow and diversify its asset base. We have listened to those calls but wanted to carry out our operational transformation plan first.
"With Deflector now producing gold and copper safely and reliably and our cashflow having significantly reduced debt and strengthened our balance sheet, Doray is now able to focus on pursing the next phase of our growth strategy. On behalf of the Doray Board, I reiterate our strong conviction that the combination of Doray and Silver Lake represents an attractive pathway forward for Doray. With those brief introductory remarks, please allow me to proceed with the formal part of today’s Share Scheme meeting."
Business of meeting
"The purpose of the Share Scheme meeting is to seek the agreement of shareholders to the Share Scheme. It is past 10am (being the scheduled start time for the meeting) and now time to commence the Share Scheme meeting. I am advised that a quorum is present and I therefore declare the Share Scheme meeting open.
"Before I introduce your Directors, I will outline the conduct of today's meeting. I remind everyone that this is a shareholders' meeting and only shareholders, appointed proxies, corporate representatives and attorneys have the right to speak at the meeting. We have allowed visitors into the meeting."