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Provider: Reuters Investment Profile
$20.00
Provider: Reuters Investment Profile
$20.00

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Paringa Resources Ltd Announces Update On Acquisition Of Hartshorne Coal Mining


Tuesday, 8 Oct 2013 08:50pm EDT 

Paringa Resources Ltd announced that two of the three conditions precedent in relation to the Company’s proposed acquisition of Hartshorne Coal Mining Limited (Hartshorne) have now been satisfied, with the remaining condition precedent, being the approval by Paringa’s shareholders, to be determined next week following the general meeting of shareholders. On September 3, 2013, Paringa announced its intention to acquire Hartshorne which has export thermal and coking coal projects located in the USA. The transaction was subject to three conditions precedent as follows: (i) Paringa receiving completed share transfer forms from the Hartshorne vendors comprising at least 90% of the Hartshorne vendor shares – Paringa has now received completed share transfer forms for 100% of the Hartshorne vendor shares; (ii) Paringa and the Hartshorne vendors obtaining all statutory and regulatory approvals and any other third-party consents or waivers to complete the transaction – there are no remaining approvals, consents or waivers required by Paringa or the Hartshorne vendors to complete the transaction; and (iii) Paringa's shareholders passing all resolutions as are required under the Listing Rules, the constitution of Paringa and the Corporations Act to give effect to the transaction – a General Meeting has been set for 10am on October 16, 2013, to seek shareholder approval for the transaction. 

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