Former Nautilus Minerals Ltd. advisory board member joins Michael Bailey's Takeover Bid


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TSX:NUS
01/09/2013 [ACCESSWIRE]

Robbert Gooden fromer advisor to Nautilus will take job as interim Chairman of the Board

OTTAWA, ONTARIO--(Financial Press - Ottawa - January 9, 2013) - Robbert Gooden the former cheif scientific advisor to Nautilus minerals has joined Michael Bailey and his family office solely controlled by him in the commencement of a tender offer for all outstanding shares of common stock of Nautilus Minerals Ltd. (TSX:NUS) for $0.97 per share, net to the seller in cash.

Mr. Gooden is currently the Chairman of Subsea Minerals Ltd. and was a former senior advisory board member to Nautilus Minerals Inc. Mr. Gooden will assume the role of interim chairman of the board at closing.

Under the terms of the tender offer, the family office controlled solely by Michael Bailey will commence a hostile all cash bid to purchase all the outstanding shares of Nautilus Minerals Ltd. for $0.97 CAD per share for an aggregate purchase price of $237.99 million CAD. This represents a 108.6 % premium to the previous day closing price of Nautilus' stock.

The tender offer is scheduled to expire at 12:00 midnight, Eastern Standard Time, on March 1, 2013, unless the tender offer is extended. The tender offer is conditioned on the tender of a majority of Nautilus's shares calculated on a fully-diluted basis, as well as the receipt of certain regulatory approvals and other customary closing conditions.

Gannibal Securities has been engaged to act as advisor in this transaction and will negotiate lock up agreements with major Nautilus Minerals shareholders Metalloinvest (21.0%), Anglo American(11.1%), MB Resources(16.9%) and Teck Resources(4.5%). The law offices of Bacchus Law will represent Mr. Bailey in this transaction. The Law firm of Fasken Martineau will no longer be representing Mr Bailey in this transaction due to conflicts of interest with current board members of Nautilus.

The family office controlled solely by Mr.Bailey currently owns a minority stake in the company and is now making a hostile bid to acquire 100% of the outstanding company stock with the intention of taking the company private to finance and execute the underwater mining business plan with Mr. Gooden expert guidance.

Michael Bailey, an experienced investor and resident of Canada is an algorithmic trader and formerly a member of the Band of Scoundrels, an elite group of high frequency proprietary traders that successfully shorted Citigroup and profited over $130M in October 2008.

The acquisition is expected to close March 2013; however, the close date is subject to customary closing conditions, including regulatory review in Canada.

Contact Info:

www.gannibalsecurities.com
Gannibal Securities Ltd.
45 O'Connor Streeet
Ottawa, Ontario, Canada
(613) 698-7590

http://www.subseaminerals.com/
Subsea Minerals Ltd
King Charles Quay
Falmouth TR11 3HQ
UK

Legal Disclaimer/Disclosure: A fee has been paid for the production and distribution of this Release. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this article should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. Financial Press makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the author’s only and are subject to change without notice. Financial Press assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this article and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this release.

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