LRS Latin Res

RNS Number:5483U
Lodore Resources Inc
23 November 2005


23 November 2005
                              IB Daiwa Corporation
                                  ("IB Daiwa)

            RECOMMENDED OFFER BY LEWIS CHARLES SECURITIES LIMITED ON
                         BEHALF OF IB DAIWA CORPORATION
                            FOR LODORE RESOURCES INC.
                                        
                          OFFER WHOLLY UNCONDITIONAL,
        CANCELLATION OF LODORE RESOURCES INC ADMISSION TO AIM AND TRADING

THE OFFER

On 3 November 2005, Lewis Charles Securities Limited made an offer (the "Offer")
on behalf of IB Daiwa Corporation ("IB Daiwa") for the entire issued share
capital of Lodore Resources Inc ("Lodore") which was recommended by the Lodore
Independent Directors.

OFFER WHOLLY UNCONDITIONAL

On 7 November 2005 IB Daiwa declared the Offer unconditional as to acceptances.

As of 22 November 2005 IB Daiwa has received valid acceptances in respect of
557,611.983 Lodore Shares (representing 84.51 per cent of the issued share
capital of Lodore).

All of the remaining conditions of the Offer have now been satisfied or waived
and accordingly IB Daiwa is pleased to announce that the Offer is declared
unconditional in all respects.

The Directors of IB Daiwa will, on 28 November 2005, resolve to allot and apply
to JASDAQ for admission of the Offer Shares to be issued in respect of those
acceptances received on or before 1.00pm Thursday 24 November 2005 under the
Offer to be admitted to trading on JASDAQ on 15 December 2005.

CANCELLATION OF ADMISSION TO AIM

As stated in the Offer Document, it is IB Daiwa's intention to procure that
Lodore will apply for cancellation of the admission of the Lodore Shares to AIM
and the cessation of trading of Lodore Shares on AIM. It is expected that the
cancellation of admission and trading will take effect on 21 December 2005 being
not less than 20 business days following this announcement.

Accordingly, so that those holders of Lodore Shares that have not accepted the
Offer may do so, the directors of IB Daiwa have agreed to keep the Offer open
for those shareholders until the 1pm Thursday 8th December 2005 and the Offer
will close on this date (unless extended by IB Daiwa).

Enquiries:

IB Daiwa Corporation +813 3284 9733
Seiki Takahashi / Keisuke Matsuno

Lodore +65 6324 0017
Robert Williams / Peter Kirkham

Lewis Charles Securities +44 (0)20 7065 1150
David Scott

Seymour Pierce +44 (0)20 7107 8000
Sarah Wharry


Terms defined in the Offer Document shall have the same meaning in this
announcement.

Lewis Charles Securities Limited, which is authorised and regulated in the
United Kingdom by the Financial Services Authority, is acting exclusively for IB
Daiwa and for no one else in connection with the Offer and will not be
responsible to any person other than IB Daiwa for providing the protections
afforded to customers of Lewis Charles Securities Limited, nor for providing
advice to any other person in relation to the Offer.

Seymour Pierce Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting exclusively for Lodore and for no
one else in connection with the Offer and will not be responsible to any person
other than Lodore for providing the protections afforded to customers of Seymour
Pierce Limited, nor for providing advice to any other person in relation to the
Offer.

This announcement is not intended to and does not constitute, or form part of,
an offer or any solicitation of an offer or an invitation to purchase any
securities.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END
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