Takeover Update

On 20 August 2009 Mineral Resources Limited (ASX:  MIN) announced its intention to make an off-market takeover bid to acquire all of the issued shares in Polaris Metals NL (ASX:  POL) followed by improved offers on 15 October, 11 November, 23 November 2009 and 6 January 2010 whereby Polaris shareholders will receive one Mineral Resources share for every 10 Polaris shares held AND 10.1 cents cash for every Polaris Share held.

Offers under the Mineral Resources Share Offer closed on 25 January 2010.

Mineral Resources has achieved the 90% compulsory acquisition threshold and compulsory acquisition notices have been mailed to Polaris shareholders that have not accepted the Share Offer in relation to its off-market take-over bid.

The securities of Polaris Metals NL were suspended from quotation on 2 February 2010 in accordance with listing rule 17.4, following despatch of the compulsory acquisition notices by Mineral Resources Limited.

Takeover Announcements:

09/03/2010 - Change in substantial holding from MIN (62 kb)

08/02/2010 - MIN: Information required on close of Polaris Share Offer (113 kb)

27/01/2010 - Close of Share Offer Polaris Metals NL (99 kb)

25/01/2010 - Suspension from Official Quotation close of trading 2/02/10 (26 kb)

25/01/2010 - MIN: Completion of mailing - Compulsory Acquisition Notices (97 kb)

22/01/2010 - MIN: Compulsory Acquisition Notice Polaris Metals (113 kb)

21/01/2010 - MIN: Ninth Supplementary Bidders Statement Polaris Metals (263 kb) 

19/01/2010 - Change in substantial holding from MIN (68 kb)

11/01/2010 - Notice extending POL Share Offer period (40 kb)

11/01/2010 - MRL reaches 90% threshold and declares POL Share Offer final (70 kb)

11/01/2010 - Change in substantial holding from MIN (62 kb)

08/01/2010 - MIN: Media report clarification (89 kb)

07/01/2010 - Board Changes (94 kb)

07/01/2010 - MIN: Notice of Variation of Share Offer (36 kb)

07/01/2010 - Close of Polaris Option Offer by Mineral Resources (100 kb)

07/01/2010 - MRL offers to increase Polaris Share Offer (141 kb)

06/01/2010 - Change in substantial holding - MIN (62 kb)

04/01/2010 - Change in substantial holding from MIN (63 kb)

31/12/2009 - Change in substantial holding (128 kb)

30/12/2009 - Media Statement by Lion-Asia - Lion Offers have closed (16 kb)

30/12/2009 - Close of T/O Bid by Lion-Asia Resources Pte Ltd (12 kb)

24/12/2009 - Change in substantial holding from MIN (62 kb)

24/12/2009 - Eighth Supplementary Bidder`s Statement Polaris Metals (114 kb)

23/12/2009 - MIN Notice of Extension of Share Offer Polaris Metals (42 kb)

23/12/2009 - MIN: Polaris Offers Receive Overwhelming Support (106 kb) 

22/12/2009 - Change in substantial holding from MIN (62 kb)

22/12/2009 - Lion-Asia Resouces T/O Bid: Section 630(3) Notices (68 kb)

21/12/2009 - Supplementary Target's Statement (39 kb)

21/12/2009 - MIN: Seventh Supplementary Bidder's Statement (178 kb)

21/12/2009 - MIN: Notice of variation of takeover offers (68 kb)

17/12/2009 - Change in substantial holding from MIN (61 kb)

17/12/2009 - MIN: Notice Freeing POL Option Offer from Conditions (37 kb)

17/12/2009 - MIN: ASIC Relief (183 kb)

15/12/2009 - Change in substantial holding from MIN (68 kb)

15/12/2009 - Change in substantial holding from MIN (63 kb)

15/12/2009 - MIN: Notice to Extend Polaris Share Offer (18 kb)

14/12/2009 - Mineral Resources Acquires Over 50.1% of Polaris (159 kb)

14/12/2009 - MIN: Attains control of Polaris Metals (111 kb)

11/12/2009 - Change in substantial holding from MIN (68 kb)

10/12/2009 - Change in substantial holding from MIN (68 kb)

10/12/2009 - Change in substantial holding from MIN (69 kb)

09/12/2009 - Lion-Asia Resources Pte Ltd: Acceptance Facility Open (43 kb)

09/12/2009 - Target's Statement (305 kb)

08/12/2009 - MIN: Notice of Extension of Share Offer Polaris Metals (141 kb)

08/12/2009 - Change in substantial holding from MIN (68 kb)

07/12/2009 - Clarification of Offer Status (105 kb)

04/12/2009 - Free from Defeating Conditions (27 kb)

03/12/2009 - Change in substantial holding from MIN (68 kb)

03/12/2009 - Lion Offer Freed from All Conditions Except 50.1% Minimum (83 kb)

03/12/2009 - MIN: Sixth Supplementary Bidder`s Statement Polaris Metals (168 kb)

03/12/2009 - Lion-Asia Resources Pte Ltd - Panel Affirms ASIC Decision (65 kb)

02/12/2009 - MIN: Reissue Fifth Sup Bidder`s Statement Polaris Metals (265 kb) 

30/11/2009 - Extension of Option Offer Polaris Metals NL (144 kb)

27/11/2009 - Notice of Despatch of Takeover Offers (29 kb)

27/11/2009 - Official notices re Variation of Share and Option Offers (66 kb)

27/11/2009 - First Supplementary Bidder`s Statement (290 kb)

27/11/2009 - Bidder`s Statement Dispatched (2442 kb)

25/11/2009 - Change in substantial holding from MIN (62 kb)

25/11/2009 - MIN: Fifth Supplementary Bidder`s Statement Polaris Metals (265 kb)

24/11/2009 - Polaris Recommends Improved Mineral Resources Offer (136 kb)

24/11/2009 - MIN:Notice of extension / improvement of Polaris Share Offer (37 kb)

24/11/2009 - TOV:Lion-Asia Resources Pte Ltd - Panel Receives Application (64 kb)

24/11/2009 - Variation of Option Offer Terms (39 kb)

23/11/2009 - ASIC Relief application outcome/intention to increase offer (58 kb)

23/11/2009 - Variation of Takeover Bid Polaris Metals (121 kb)

20/11/2009 - Lion applies to ASIC for relief (40 kb)

20/11/2009 - Letter to Optionholders (98 kb)

17/11/2009 - MIN: Notice of fulfilment of Polaris option offer conditions (34 kb)

17/11/2009 - MIN: Notice of status of conditions Polaris share offer (36 kb)

17/11/2009 - MIN: Polaris option offer variation and extension (159 kb)

16/11/2009 - Change in substantial holding (484 kb)

13/11/2009 - MIN: Fourth Supplementary Bidders Statement POL (159 kb)

13/11/2009 - Bidders Satement, Lion Asia Resources (7798 kb)

12/11/2009 - Polaris Board Recommends Improved Mineral Resources Offer (136 kb)

11/11/2009 - MIN: Formal Notice of Variation of POL Share Offer (38 kb)

11/11/2009 - Statement from Lion-Asia Resources -Increase in Offer by MIN (29 kb)

11/11/2009 - MIN: Mineral Resources Option Offer (97 kb)

11/11/2009 - Improved Mineral Resources Offer (107 kb)

11/11/2009 - MRL improves POL Offer and makes Offers unconditional (108 kb)

05/11/2009 - MIN: Third Supplementary Bidder`s Statement Polaris Metals (151 kb)

30/10/2009 - MIN: Extension of Takeover Offers (141 kb)

30/10/2009 - FIRB Ruling on T/O Offer by Lion-Asia Resources P/L (32 kb)

19/10/2009 - Improved Lion-Asia Offer (137 kb)

19/10/2009 - Change in substantial holding from MIN (67 kb)

16/10/2009 - Variation of Takeover Bid (30 kb)

16/10/2009 - MIN: Second Supplementary Bidder`s Statement Polaris Metals (148 kb)

15/10/2009 - MIN: Formal Notices of Variation and Extension of POL Offers (262 kb)

15/10/2009 - Improved Mineral Resources Offer (140 kb)

15/10/2009 - MIN increases Polaris Takeover Offer (121 kb)

14/10/2009 - Change in substantial holding from MIN (67 kb)

09/10/2009 - Update on Takeover Offers (125 kb)

09/10/2009 - Change in substantial holding from MIN (67 kb)

07/10/2009 - Becoming a substantial holder (153 kb)

06/10/2009 - MIN: Polaris Directors Accept MIN Offers (99 kb)

06/10/2009 - Lion-Asia Pte Ltd Off Market Cash Offer (125 kb)

06/10/2009 - Change in substantial holding from MIN (59 kb)

06/10/2009 - Lion-Asia Pte Ltd Off Market Cash Offer (374 kb)

04/10/2009 - Change in substantial holding from MIN (69 kb)

02/10/2009 - Supplementary Bidder's Statement (83 kb)

02/10/2009 - Potential Competing Offer (121 kb)

02/10/2009 - Change in substantial holding from MIN (58 kb)

01/10/2009 - Heron Resources accepts offer for Polaris shares (113 kb)

01/10/2009 - Change in substantial holding from MIN (63 kb)

23/09/2009 - Offers open for Polaris Metals NL (2133 kb)

18/09/2009 - Target's Statement (2234 kb)

17/09/2009 - Change in substantial holding from MIN (536 kb) 

17/09/2009 - Bidder's Statement (793 kb)

21/08/2009 - Becoming a substantial holder from MIN (329 kb)

21/08/2009 - Letter to Shareholders (36 kb)

21/08/2009 - Boardroom Radio Audio Broadcast (70 kb)

20/08/2009 - Takeover Presentation - Mineral Resources Limited (175 kb)

20/08/2009 - MIN Announces Takeover of Polaris Metals (304 kb)