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UCL Resources Ltd, Mawarid Takeover Bid Received by Board

As announced earlier today, Mawarid Mining LLC (Mawarid) has made an on-market takeover bid for all the Shares in UCL Resources Limited (ASX: UCL).

Shareholders in UCL will shortly receive the bidder’s statement from Mawarid containing an offer to acquire all the shares in UCL for 31 cents cash per share (Mawarid Offer).

A target’s statement is being prepared and will be sent to shareholders within the next two weeks. The target’s statement will include an independent expert’s report (IER) in relation to the Mawarid Offer along with the recommendation of the directors of UCL apart from Dr Mohammed Al-Barwani (Independent Directors), as to whether shareholders should accept the Mawarid Offer.

Provided that the IER confirms that the Mawarid Offer is fair and reasonable, the Independent Directors intend to recommend that shareholders accept the Mawarid Offer in the absence of a superior proposal and also intend to accept the Mawarid Offer in respect of all the UCL shares they hold or control.

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