Visby Management's Compelling Offer to LCL Resources
Total Cash Consideration of AUD $15 Million + 1% NSR
Visby Urges Shareholders to Reject Tiger Gold Proposal
Visby Management LLC ('Visby'), an international mine operator, is keen to emphasize its extensive, binding offer to acquire the Colombian assets of Los Cerros Limited (ASX: LCL) ('LCL'). Recently, Visby has called upon LCL shareholders to firmly oppose the proposed transaction with Tiger Gold Corporation ('TGC'), which is set to be voted on at the upcoming Annual General Meeting (AGM). Furthermore, Visby encourages shareholders to openly express their support for its proposal during the anticipated LCL public webinar.
Background on the Offer
Visby has engaged in providing multiple binding offers to LCL for the acquisition of the valuable Colombian assets. Earlier in 2025, Visby presented what it believes to be a superior offer compared to the one from TGC, urging shareholders to cast their votes against the latter's offer. In a show of support, a significant 84% of shareholders at the February shareholder meeting stood against TGC's proposal. Despite Visby’s persistent communication of superior offers, the LCL board has not initiated discussions or provided shareholders with opportunities to evaluate Visby’s proposals. Once again, in a discerning move, the LCL board is recommending support for TGC at the upcoming AGM, despite clear resistance from shareholders.
The Impending LCL Webinar
To rally support from seemingly discontent shareholders, LCL has scheduled a webinar to persuade them regarding the TGC sale option. However, upon being made aware of this upcoming webinar, Visby sought to present its compelling offer to the shareholders during the same forum but faced a refusal from the LCL board.
Key Points for Consideration
To ensure that shareholders can make the most informed decision at the forthcoming AGM, Visby would like to clarify several essential points:
- The proposed TGC transaction only provides an upfront payment of AUD $1 million, as reiterated by LCL on numerous occasions. There is significant uncertainty regarding the second payment, which is due in eight months.
- The TGC option also necessitates shareholder approval, despite the ambiguity surrounding it.
- While the TGC agreement may appear binding, it remains contingent on shareholder approval.
In light of these considerations, Visby reiterates its attractive binding AUD $15 million offer, which encompasses:
- Upfront payment of AUD $7.5 million (proof of funds is available)
- AUD $7.5 million upon the first gold pour
- 1% NSR
As a reputable mine operator known for creating successful open-pit gold mines, Visby invites any shareholder seeking more information about its credentials to get in touch. Given that the approval of the TGC alternative hinges on a vote by the shareholders, Visby strongly urges them to consider their best interest during the forthcoming AGM and to reject the TGC proposal to ensure that Visby’s advantageous acquisition offer is duly evaluated.
Contact Information
President
Roy Ostrom III
Visby Management
For inquiries, please reach out via email.
Frequently Asked Questions
What is the nature of Visby's offer to LCL?
Visby's offer is a binding AUD 15 million proposal that includes upfront and performance-based payments, along with a 1% net smelter return.
Why does Visby urge shareholders to reject the TGC proposal?
Visby believes its offer is superior and wants shareholders to recognize the potential benefits of choosing Visby over TGC.
How did shareholders respond to TGC's proposal before?
Initially, 84% of shareholders opposed the TGC offer during the February shareholder meeting, signaling strong dissatisfaction.
What alternative does Visby propose?
Visby proposes a more favorable financial arrangement, providing larger upfront payments and securing payments related to production milestones.
How can shareholders get in touch with Visby?
Shareholders can contact Visby for further discussions regarding their offer through provided contact details.
