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Elemental Minerals Ltd Receives All Cash Takeover Offer From Dingyi Group Investment Ltd

Monday, 1 Jul 2013 07:15pm EDT 

Elemental Minerals Ltd. and Dingyi Group Investment Ltd announced that they have, following the completion of a thorough technical and financial due diligence exercise by Dingyi, executed a bid implementation agreement (Bid Implementation Agreement), under which Dingyi will make an off-market takeover offer for 100% of the fully paid ordinary shares of Elemental (DingyiOffer). Dingyi to make an all cash takeover offer for Elemental at AUD0.66 per share, valuing Elemental at approximately AUD190 million. The Dingyi Offer is subject to a number of conditions (including Dingyi acquiring at least 50.1% of Elemental's shares and Dingyi shareholder approval requiring certain confirmations from the SEHK) but importantly is not conditional upon finance, Chinese regulatory or Foreign Investment Review Board approvals. Dingyi has agreed to subscribe for AUD5 million of Elemental shares at an issue price of AUD0.3407 per share and also provide Elemental with additional financing of up to AUD15 million through a secured convertible loan facility to provide working capital subject to satisfaction of all necessary shareholder approvals and other conditions. 

Company Quote

24 Dec 2014