FairPoint Communications FRP

Agreement Reached - Offer extended till 02/07

[esselte25]

Eldorado and Frontier Reach Agreement on Acquisition-Eldorado's Offer Varied and Extended to July 2, 2008

VANCOUVER, BRITISH COLUMBIA, Jun 18, 2008 (Marketwire via COMTEX News Network) --
Peter F. Tegart, President and Chief Executive Officer of Frontier Pacific Mining Corporation (TSX VENTURE:FRP) ("Frontier Pacific" or "we") announced today that Frontier Pacific has signed a definitive support agreement (the "Support Agreement") with Eldorado Gold Corporation ("Eldorado") pursuant to which Frontier's Board of Directors has agreed to unanimously support Eldorado's revised offer to acquire all of the outstanding common shares of Frontier Pacific (the "Offer"). The directors and officers of Frontier have entered into lock-up agreements with Eldorado pursuant to which they have agreed to tender their Frontier Pacific common shares to the revised Offer.
The revised Offer comprises the original Offer consideration of 0.1220 Eldorado common shares and Cdn. $0.0001 in cash and one Exchange Receipt for each common share of Frontier. Each Exchange Receipt will entitle its holder to receive, without payment of additional consideration, 0.008 common shares of Eldorado, conditional upon a joint ministerial resolution being issued by the Greek Joint Ministerial Council, comprised of the Greek Ministries of Environment, Agriculture, Culture, Development and Health, accepting the environmental terms of reference drafted by the Ministry of the Environment for Frontier's Perama Hill gold project prior to July 1, 2009. If a joint ministerial resolution accepting the environmental terms of reference for the Perama Hill gold project is not received prior to July 1, 2009, the Exchange Receipts will be cancelled. Eldorado has agreed to use its best efforts to cause the Exchange Receipts to be listed on the TSX.
Frontier's financial advisors, Thomas Weisel Partners Canada Inc., has provided an opinion to the Frontier Board of Directors that the consideration to be received under the revised Offer is fair, from a financial point of view, to Frontier shareholders. The fairness opinion is subject to various assumptions, limitations and qualifications stated in the opinion. The Board of Directors of Frontier Pacific has determined that the revised Eldorado offer is fair to the shareholders of Frontier Pacific and unanimously recommends that shareholders accept the revised offer.
On behalf of the Board of Directors
Victor H. Bradley, Chair, Special Committee of the Board of Directors
Peter F. Tegart, Chief Executive Officer
SOURCE: Frontier Pacific Mining Corporation

[rtszd]

What's the bottom line on actual s/p? Quite a turn-a-round from previous position of Board! Please translate the deal in simplest of terms.Thanks!

[thasis]

If ELD share price holds means today ELD TO values us at 8.42 X .122= 1.027If we get permitting by July 09 we get an extra 8.42 X .008= 6.7 pennies Really thought management would be holding out for more than .067 especially since there are no guarantees that that ELD S/P will not fall prior to the deal being finalized.

[newmoney14]

My take is a bit different:yes, you get .122 shares of ELD for each FRP share you own.the Exchange Receipt will give an additional .008 shares of ELD for each FRP share.so for 1000 FRP you receive  122 ELD.  + $1.00 cash.If successful in getting the permit you receive:For each 1000 FRP, you receive an additional 8 ELD. shares.Not great, but if the deal was rejected, I suspect we would