Minco PLC: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
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Minco plc Updates On Acquisition Of Buchans Minerals Corporation
Minco plc announced that at the annual and special meeting of Buchans Minerals Corporation (Buchans) held on June 28, 2013, the shareholders Buchans approved the plan of arrangement (the Arrangement) whereby Minco will acquire all of the shares of Buchans. The effective date of the Arrangement (Effective Date) will be July 16, 2013 subject to the approval of the Supreme Court of Nova Scotia. Pursuant to the terms of the Arrangement, on the Effective Date, Minco will acquire all of the issued and outstanding common shares of Buchans (Buchans Shares) that Minco does not already own in exchange for ordinary shares of Minco (Minco Shares) on the basis of 0.826 of a Minco Share for each Buchans Share. The closing of the Arrangement is subject to the approval of the Supreme Court of Nova Scotia and the satisfaction or waiver of the other conditions to the Arrangement, including receipt of all necessary regulatory approvals. Minco will issue approximately 125 million shares of Buchans for the approximately 151 million common shares of Buchans currently outstanding. Minco shareholders will own approximately 73.7% of the combined company. Upon completion of the Acquisition, Minco plans to seek approval to co-list its shares on a North American stock exchange.
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