RNS Number:3939V
Lodore Resources Inc
09 December 2005


9 December 2005

                              IB Daiwa Corporation
                                  ("IB Daiwa")

     RECOMMENDED OFFER BY LEWIS CHARLES SECURITIES LIMITED ("LEWIS CHARLES
                       SECURITIES") ON BEHALF OF IB DAIWA
                      FOR LODORE RESOURCES INC ("LODORE").

CLOSING OF OFFER

Embargoed until 07:00 9 December 2005

THE OFFER

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

OFFER WHOLLY UNCONDITIONAL & CANCELLATION OF ADMISSION TO AIM

On 23 November 2005 IB Daiwa declared the Offer wholly unconditional in all
respects. On 28 November 2005 the IB Daiwa Board resolved 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.

On 23 November 2005, IB Daiwa also announced its 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. Such application has been
made for the cancellation of admission and cessation of trading to take effect
on 21 December 2005.

In order to allow those Lodore Shareholders that have not accepted the Offer to
do so, the IB Daiwa Board agreed to keep the Offer open for those Lodore
Shareholders until 1.00pm Thursday 8 December 2005.

CLOSING OF OFFER

The IB Daiwa Board have not extended the Offer further, and the Offer therefore
closed with effect from 1.00pm on Thursday 8 December 2005. As of the close of
the Offer, IB Daiwa had received valid acceptances in respect of 659,475,402
Lodore Shares (representing 98.96 per cent of the issued share capital of
Lodore) and therefore will proceed to compulsorily acquire the remaining Lodore
Shares pursuant to the provisions of section 88 of the Companies Law (2004
Revision) of the Cayman Islands ('Section 88'). The appropriate compulsory
acquisition notices to be sent to the remaining Lodore Shareholders pursuant to
Section 88 will be issued on 3 March 2006.

The IB Daiwa Board will now resolve to allot and apply to JASDAQ for admission
of the Offer Shares to be issued in respect of those acceptances which were
received after 1.00pm Thursday 24 November 2005 but before 1.00pm on Thursday 8
December 2005 to be admitted to trading on JASDAQ on 29 December 2005.

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, 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, 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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