Condor rejects WNR bid

5th Jun 2009 14:20

Miner Condor Resources has given short shrift to the unsolicited conditional offer for the company announced by Worldwide National Resources on 3 June.Condor described the all-share offer as an 'unwelcome distraction' from the share exchange offer with Grafton Resource Investments which Condor outlined late last month. Condor has proposed giving Grafton a 29.77% stake in return for £1.4m worth of Grafton shares.The board of Condor believe that the 1 for 1 share offer from Worldwide National Resources (WNR) undervalues the company. Condor calculates that the all-share offer values each Condor share at 0.45p.'Based on the current value of WNR, the offer would result in existing WNR shareholders owning approximately 25% of the share capital of the enlarged company with apparently little contribution by way of assets or cash. Condor shareholders would be diluted accordingly,' a company statement said.