Lihir Gold Limited
ASX : LGL
NASDAQ : LIHR
TSX : LGG

Lihir Gold Limited
Equigold NL
ASX : EQI

Equigold NL

April 23, 2008 08:46 ET

Equigold and Lihir Gold Proposed Merger Scheme Meeting to Be Held on 30 May 2008

BRISBANE, AUSTRALIA--(Marketwire - April 23, 2008) - Lihir Gold Ltd (TSX:LGG)(ASX:LGL)(NASDAQ:LIHR) ("LGL" or "Lihir") and Equigold NL ("Equigold") (ASX:EQI) are pleased to announce that the Federal Court of Australia today has made orders convening a meeting of Equigold shareholders (Scheme Meeting) to consider the Scheme of Arrangement (Scheme) for the company's proposed merger with Lihir Gold Limited that was announced on 20 March 2008.

The Scheme Booklet setting out information for Equigold shareholders about the Scheme has been registered with the Australian Securities and Investments Commission.

The Scheme Booklet is expected to be dispatched to all Equigold shareholders by 30 April 2008. It will also be available on the Equigold website (www.equigold.com.au). Shareholders should read the entire Scheme Booklet, which sets out more information about the proposed merger.

Scheme Meeting

The Scheme Meeting is scheduled to be held at 11.00am on Friday, 30 May 2008 at Duxton Hotel, 1 St Georges Terrace, Perth, Western Australia. All proxy voting instructions must be received no later than 11.00am, 28 May 2008.

Directors' Recommendation

The Directors of Equigold unanimously recommend that, in the absence of a superior proposal, Equigold shareholders vote in favour of the proposed merger as they believe it will deliver significant value to Equigold shareholders. Equigold Directors intend to vote their shares in favour of the merger, in the absence of a superior proposal.

Scheme Consideration

Under the terms of the Scheme, Lihir will acquire all of the shares in Equigold with shareholders receiving 33 New Lihir Shares for every 25 Equigold shares held.

Independent Expert

The Scheme Booklet will contain an independent expert's report from KPMG Corporate Finance, who has assessed the proposed merger and has concluded that, on balance, the Scheme is in the best interests of Equigold shareholders.

Next Steps

If shareholders vote in favour of the merger, Equigold intends to seek court approval at a second hearing of the Federal Court to implement the Scheme. Subject to Court approval at this hearing, implementation of the Scheme is expected to occur on or about 17 June 2008.

Contact Information

  • Equigold NL
    David Lim
    Company Secretary
    +61 8 9316 3661
    or
    Equigold NL
    Mark Clark
    Managing Director
    +61 8 9316 3661
    Website: www.equigold.com.au
    or
    LGL
    Joe Dowling
    LGL General Manager Corporate Affairs
    0421 587 755
    or
    LGL
    Josie Brophy
    LGL Communications Officer
    0448 177 502
    or
    LGL
    Joel Forwood
    Manager Investor Relations
    0438 576 879
    or
    LGL
    Greg Taylor
    Investor Relations & Corporate Communications
    (North America)
    (905) 337-7673
    Email: gtaylor@g-tinvestorrelations.com