PanAust announced on 30 March 2015 that it had received a letter from Guangdong Rising Assets Management ('GRAM') announcing its intention to make an unconditional, off-market Takeover Offer to acquire all of the shares of PanAust (not currently held by GRAM) at a cash price of $1.71 per share. On 8 May 2015, the offer price was raised to $1.85.

After careful consideration, the Independent PanAust Directors unanimously recommended that PanAust shareholders accept the revised GRAM offer.

On 26 May 2015 Guangdong Rising H.K. (Holding) Limited announced that it had acquired over 90% of PanAust Limited Ordinary shares on issue. The offer closed on 27 May 2015.

On 1 June 2015, GRAM released a notice of compulsory acquisition to the Australian Securities Exchange together with a copy of a letter that it was despatching to any remaining PanAust shareholders.

If you accepted the offer and you have any questions about the payment of your shares, please contact Boardroom Pty Limited on 1300 737 760 (within Australia) or +61 2 9290 9600 (from outside of Australia).

If you did not accept the offer and you have any questions regarding the compulsory acquisition process, please contact Computershare on 1300 850 505 (within Australia) or +61 3 9415 4000 (from outside of Australia).


GRAM Notice of Compulsory Acquisition

GRAM Form 604 Notice of Change of Interests of Substantial Holder 28 May 2015

GRAM holds a 70.433% controlling interest in PanAust

Letter to Shareholders recommending GRAM offer

Bid Implementation Agreement

The Independent PanAust Directors unanimously recommend increased GRAM takeover offer of $1.85 per share

GRAM - Notifice of Variation - Increasing Offer Consideration

First Supplementary Target's Statement

Target's Statement - GRAM Offer neither fair nor reasonable

Conference call (audio file) 15 April 2015

REJECT GRAM'S offer of $1.71 per share

Letter to Shareholders recommending rejection of GRAM's offer of $1.71 per share

Letter to Shareholders re GRAM's intention to make a Takeover Offer

GRAM - Off-market unconditional takeover bid for PanAust

Receipt of Notice of Intention to make a Takeover Offer