Reasons to Accept
The Orbis Gold Board unanimously recommends that Orbis Gold shareholders ACCEPT the Revised Offer in the
absence of a superior proposal, for the reasons outlined below.
The Revised Offer of A$0.713 per share represents an attractive premium for Orbis Gold shareholders:
- 104% premium to the closing price on 9 October 2014;
- 99% premium to the 1 month volume weighted average price (“VWAP”) to 9 October 2014; and
- 91% premium to the 3 month VWAP to 9 October 2014.
The Revised Offer is within the fair value range considered by the Independent Expert;
SEMAFO will provide funding of A$17.4 million for the purposes of assisting Orbis Gold with immediate
liquidity requirements. This will eliminate the need for Orbis Gold to pursue dilutive capital raising
Orbis Gold’s Chairman John Bovard said: “This unanimous recommendation to accept SEMAFO’s Revised Offer has
been made after careful consideration and the decision to recommend it was not taken lightly, particularly in light
of the current volatility in world equity markets.”
SEMAFO’s Chief Executive Officer Benoit Desormeaux said: “We are delighted that the Orbis Gold board is
unanimously recommending our Revised Offer, and look forward to working with the Orbis team on an orderly