has been released. It's 116 pages long. Here is the most significant section:
"The integration of Teranga and Oromin may not occur as planned... (Standard disclaimers removed) ...Furthermore, Teranga’s ability to efficiently assume Oromin’s 43.5% ownership and operation of the OJVG Golouma Gold Project and effectively work with Bendon and Badr is not guaranteed. On June 11, 2013, Bendon issued a press release suggesting that the Offer is a violation of the OJVG Shareholders Agreement and indicating that they intend to initiate legal action to protect their rights under that agreement. As a consequence, the co-operation of Bendon’s to work with Teranga a joint venture partner in the OJVG may not be forthcoming, which will make the integration of Teranga and Oromin more difficult than initially anticipated and may materially diminish the potential benefits to shareholders of the combined entity. In particular, given Bendon’s current opposition to the Offer, a successful negotiation with the other OJVG partners of, among other things, a toll milling relationship with Teranga as the operator of the OJVG Golouma Gold Project may not materialize and the pursuit of any potential mining economies at the joint Masato deposit could be in jeopardy. Further, there can be no guarantee that Teranga will be able to in the future negotiate a subsequent acquisition of the other OJVG partner('s) interests on satisfactory economic terms... On June 13, 2013, Bendon commenced a lawsuit naming Teranga, Oromin and Oromin’s wholly-owned subsidiary Sabodala Holding Limited, as defendants. Bendon’s statement of claim seeks an unspecified amount of damages and an injunction preventing the Offer, and alleges, among other things, that the completion of the Offer would result in a breach of the OJVG Shareholders Agreement. Teranga believes that Bendon’s lawsuit is without merit and plans to vigorously defend it. Teranga is of the view that the Offer does not violate the OJVG Shareholders Agreement, however, the outcome of litigation cannot be predicted with certainty and there is no guarantee that any legal action by Bendon to declare the Offer a violation of the OJVG Shareholders Agreement would not be successful..."
How many OLE shareholders are likely to vote for a low-ball offer from a company that seeks to take over the shares of the operating partner of the OJVG while "vigorously defending" a lawsuit from one of the other partners?
Oromin's AGM- July 17. Teranga's AGM- July 18.