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12/15/11

Mining PRs and the Ottotrans™, Part 52

It's that series again, with the latest well-after-hours NR from Jaguar Mining (JAG) (JAG.to) the object of our affection.

This is what they said:

CONCORD, NH, Dec. 15, 2011 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (TSX: JAG) (NYSE: JAG) today provided an update on the strategic review process that it previously announced was initiated by its Board of Directors on November 16, 2011.
The Board has appointed a Special Committee comprised solely of independent directors to review and evaluate any proposals received as part of the strategic review process and to assess whether any such proposal may be more desirable than the continued operation of the Company on a stand-alone basis, and to make recommendations to the Board thereon.  The Special Committee is chaired by Gil Clausen and is comprised of Mr. Clausen, Gary German and John Andrews.
The Company has retained JP Morgan Securities LLC as its financial advisor and Davies Ward Phillips & Vineberg LLP as legal counsel to assist the Board and the Special Committee.
Over the past several weeks, through JP Morgan, the Company has solicited interest regarding a potential change of control or merger transaction with the Company.
Any proposal that may be received will be assessed relative to the inherent value of the Company's unique asset portfolio in order to determine the most effective means of delivering value to the shareholders of Jaguar. There is no assurance that this strategic review process will result in a change of control or merger transaction.
"For a number of months Jaguar's share price has been disconnected from the inherent value of the Company's unique asset portfolio," said Gary German, Chairman of the Board. "The Special Committee has been formed to explore alternatives.  Our Board will not support a transaction that does not deliver adequate value to our shareholders."
The Board intends to provide a further update to shareholders as circumstances warrant, likely in early 2012.

And this is what it means:

There's no offer.