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Takeovers - Nov 23

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November 23 2012, 1:17PM

WILSON HTM INVESTMENT GROUP LTD (WIG): Mariner Corporation Ltd (MCX) is offering for all the shares in the company. Consideration is 2 MCX shares for every 3 WIG shares held. Conditional on regulatory approvals. WIG Directors unanimously recommend shareholders reject the offer and intend to do the same in regard to their own shareholdings. The offer remains open until 21 December 2012.

WENTWORTH HOLDINGS LTD (WWM): Australian Renewable Fuels Ltd (ARW) is offering for all the shares in the company. Consideration is 5.7 ARW shares for each WWM share held. Conditional on 90% share acceptance and WWM maintaining a net cash balance above $14 million before offer close. Directors unanimously recommend accept the offer in the absence of a better offer.

NEPTUNE MARINE SERVICES LTD (NMS): MTQ Corporation Ltd (MTQ) is offering for all the shares in the company. Consideration is $0.032 cash per share. Conditional on MTQ shareholder approval. NMS recommends shareholders take no action until further advised. MTQ is now entitled to 19.51% of the voting power in NMS. The offer remains open until 14 December 2012.

LINQ RESOURCES FUND (LRF): IMC Resources Holdings P/L (IMC) is offering for all the units in the company. Consideration is $0.70 cash per unit. Conditional on 90% unit acceptance. FIRB approval received. LRF Directors unanimously recommend unitholders accept the offer in the absence of a better offer and have done so in regard to their own unitholdings. IMC is now entitled to 41.74% of the voting power in LRF. The offer is extended to remain open until 3 December 2012.

L & M ENERGY Ltd (LME): New Dawn Energy Ltd (NDE) is offering for all the shares in the company. Consideration is $0.06 cash per share. Conditional on 90% or more share acceptance and various conditions.

HASTINGS DIVERSIFIED UTILITIES LTD (HDF): APT Pipelines Ltd a wholly owned subsidiary of APA Group (APA) is offering for all the securities in HDF. Consideration is further increased to $0.80 cash plus 0.390 APA securities from $0.695 cash plus 0.390 APA securities per HDF security. APA is now entitled to 94.1% of the voting power in HDF and are proceeding with compulsory acquisition of all outstanding shares. The offer is now unconditional and remains open until 13 December 2012.

EXCO RESOURCES LTD (EXS): Washington H Soul Pattinson & Company Ltd (SOL) is offering for all the shares in the company. Consideration is increased to $0.265 cash per share from $0.19 cash per share. Conditional on 90% share acceptance. EXS Directors recommend shareholders accept the offer in the absence of a better offer and intend to do the same in regard to their own shareholdings. SOL are now entitled to 90% of the voting power in EXS together with Acceptance Facility that they already own. and will proceed with compulsory acquisition of all outstanding shares it does not own. The offer is unconditional and has been further extended to remain open until 26 November 2012.

DISCOVERY METALS LTD (DML): Cathay Fortune Investment Ltd (Cathay) is offering for all the shares in the company. Consideration is $1.70 cash per share. Conditional on 51% share acceptance. FIRB and MOFCOM approvals have been received. DML Directors recommend shareholders reject the offer. Cathay is now entitled to 13.78% of the voting power in DML. The offer remains open until 13 December 2012.

CANADA LAND LTD (CDL): Chedsey Ltd is offering for all the shares in the company including those shares over which CHESS Depositary Interests (CDIs) are issued other than the shares already held by Chedsey's directors. Consideration is $0.05 cash per share. Conditional on various regulatory approvals. 90% minimum share acceptance condition has been waived. Independent CDL Directors recommend CDI holders accept the offer in the absence of a better offer and intend to do the same in regard to their own CDI holdings. Independent advice concludes the offer is not fair but reasonable. Chedsey is now entitled to 62.18% of the voting power in CDL. Chedsey owns 15.57% of CDIs in CDL. The offer remains open until 28 November 2012.

ALESCO CORPORATION LTD (ALS): Dulux Group Ltd (DLX) is offering for all the shares in the company. Consideration is $1.90 cash per share. Conditional on 90% share acceptance, confirmation from ALS of earnings and liabilities. The offer is free from the following conditions a)No persons entitled to exercise or exercising rights under certain agreements or instruments, b)Regulatory approvals, c)No litigation on foot or pending, d) Earnings confirmation; e) No inaccurate public information, f) Equal access, and g) No break fees. DLX advise that in the absence of an ALS board recommendation, it will declare the offer unconditional on or after 1 October 2012 once it has 50.1% or more voting power plus IAF Acceptances. The variation postpones for more than 1 month time when DLX has to satisfy its obligations under the bid. As a result to those DLX has made an offer and has accepted before the date of this notice can withdraw their acceptance within 1 month beginning on the day after the day on which a copy of this notice of variation is received. Draft received from ATO satisfies one of the two remaining conditions to determine the additional dividend of $0.27 per share by ALS and the only remaining condition is for DLX to notify ALS when its interest in ALS is reaching 90%. Directors has accepted the offer in regard to their own shareholdings. DLX is now entitled to 80.60% of the voting power in ALS. The offer remains open until 7 December 2012.

ACER ENERGY LTD (ACN): Drillsearch Energy Ltd (DLS) is offering for all the shares in the company. Consideration is increased to $0.285 cash from $0.255 cash per share. The offer is now unconditional. ACN's largest shareholder, Republic has accepted the offer for 19.90% of ACN and intends to accept for a further 18.82% in the absence of a better offer. DLS is now entitled to 91.01% of the voting power in ACN and are proceeding with compulsory acquisition of all outstanding shares, it does not own and will continue to acquire ACN shares on-market at the offer price up to the date when ACN will be suspended from ASX quotation from 5 business days following the compulsory acquisition notice. The offer closed on 19 November 2012.

Sourcedata: ASX