East Energy Resources Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
Provider: Wright Reports
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East Energy Resources Ltd Signs Binding Heads Of Agreement To Acquire 100% Idalia Coal Pty Limited
East Energy Resources Ltd (EER) announced that it has today executed a binding Heads of Agreement (Agreement) to acquire 100% of the total issued shares in Idalia Coal Pty Limited (Idalia). EER is acquiring Idalia, from Camvill Pty Ltd (a wholly owned subsidiary of the Noble Group Limited (Noble) and Majicyl Pty Ltd (a company associated with the Basso-Brusa family) (Majicyl) in consideration for the equivalent of AUD 40,000,000 via the issue of fully paid ordinary shares in the capital of EER at AUD 0.20 per EER share (Transaction). The Transaction values the new combined EER and Idalia entity at AUD 73 million. Noble currently holds 50.1% of Idalia and Majicyl holds 49.9% of Idalia. Following completion of the Transaction, Noble and Majicyl will hold 41.18% and 45.98% of the issued shares of EER, respectively. Other shareholders will hold 12.84% of the merged entity.
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