Coal
Hargreaves Services Plc Acquires Assets From Aardvark Limited
Hargreaves Services Plc ("Hargreaves") announced that following the appointment of partners in KPMG as liquidators of Aardvark (TMC) Limited ("Aardvark"), on May 15, 2013,Hargreaves has completed a series of transactions that has resulted in it acquiring GBP 10.4 million of assets relating to Aardvark's mining business. The consideration for these assets was met through a combination of cash and settlement against the secured debt. At the time of the liquidation, Hargreaves secured debt amounted to GBP 13.1 million. In total, after costs and expenses, Hargreaves expects to recover approximately GBP 10.1 million of value from its secured debt.
Bushveld Minerals Ltd Announces Takeover Offer for Lemur Resources Ltd
Bushveld Minerals Ltd announced its intention to make an off-market takeover offer (Offer) to acquire all of the ordinary shares in Lemur Resources Ltd (Lemur). The Offer provides consideration of three Bushveld Shares for every five Lemur Shares. Values Lemur at A$0.099 per share and provides a premium of 65.5% to Lemur's closing price on 10 May 2013 of · A$0.060 per share, based on the closing share price for Bushveld Shares of £0.109 per share on 9 May 2013 and an exchange rate of A$1.00:£0.659 on 9 May 2013. Bushveld has been advised that certain Lemur shareholders, who together hold approximately 42% of the issued capital of Lemur, intend to accept the Offer within five business days after commencement of the Offer Period in the absence of a superior proposal being publicly announced before the end of that five business day period.
East Energy Resources Ltd Completes Acquisition Of Idalia Coal Pty Limited
East Energy Resources Ltd announced that, following on from shareholder approval at a General Meeting held on May 3, 2013, it has completed the acquisition of Idalia Coal Pty Limited (Idalia) today, May 10, 2013. Idalia is a private Australian company holding several coal tenements in the Eromanga Basin, located next to or near East Energy’s Blackall tenement (EPC 1149).
SI Resources Co Ltd to Acquire Russia-based Company
SI Resources Co Ltd announced that it will acquire 5,000 shares of a Russia-based company, which is mainly engaged in the harbor operations, for KRW 5 billion, to maximize synergy. The expected transaction settlement date is June 30, 2013. After the transaction, the Company will hold 5,000 shares, or 50% of the Russia-based company.
Aviva Corporation Ltd Sells Botswana Energy Solutions Limited To African Energy Resources Limited
Aviva Corporation Ltd announced that it has entered into a conditional agreement (the Agreement) with African Energy Resources Limited (ASX: AFR, BSE: AFR) (African Energy) to sell its Mmamantswe Coal Project (the Project) to African Energy. Subject to the satisfaction of certain conditions precedent, African Energy will acquire all of the shares in Aviva's wholly owned subsidiary Botswana Energy Solutions Limited (BES), for a payment of AUD 3.5 million. Mmamantswe Coal (Proprietary) Ltd(Mmamantswe Coal), which holds Aviva's rights to the Project, is a wholly owned subsidiary of BES.
Perpetual Resources Ltd Announces Proposed Acquisition Of Neo Resources Limited
Perpetual Resources Ltd (PEC) announced that the Company and Neo Resources Limited (NER) have entered into a Merger Implementation Agreement whereby it is proposed that PEC will acquire all of the issued capital in NER for the issue of 14,113,147 fully paid ordinary shares in PEC (PEC Shares). The acquisition of all of the fully paid issued shares in NER (NER Shares) is to be implemented by way of a Scheme of Arrangement under the Australian Corporations Act 2001 (Cth) (Corporations Act) under which NER shareholders will receive fully paid ordinary shares in PEC in consideration for all of the issued capital in NER (Scheme).
Wintime Energy Co Ltd to Acquire China-based Companies; to Issue New Shares
Wintime Energy Co Ltd announced that it has decided to issue 480,109,797 A shares of its common stock with a par value or RMB 1 per share, at the price of RMB 11.84 per share, or for RMB 5.6845 billion in total, through a private placement to a Shanxi-based energy company (67,736,486 shares), Mr. Yan Fawang (56,165,541 shares), Mr. Ru Linglong (2,956,081 shares), Mr. Yan Shouli (47,683,398 shares), Mr. Wu Jingyu (42,181,467 shares), Mr. Ma Baiming (58,873,618 shares), Mr. Ma Ruiyi (23,645,961 shares), Mr. Ma Haijun (23,645,961 shares), Mr. Shi Jingren (72,761,824 shares), and its controlling shareholder (84,459,460 shares). As details, apart from the 84,459,460 shares issued to its controlling shareholder, which is principally engaged in project investment business, the other new shares are issued to acquire the residual equities in six 51%-owned subsidiaries of the Company, respectively. The six subsidiaries are all engaged in coal business, based in Shanxi province. Additionally, the controlling shareholder will pay the Company RMB 1 billion for the 84,459,460 new shares issued.
Range River Gold Ltd Announces Extension Of Offer Period For Takeover Of Firestone Energy Ltd
Range River Gold Ltd announced that it has extended the offer period under its off market takeover offer for all of the ordinary shares in Firestone Energy Limited (ACN 058 436 794) (FSE) (Offer). The Offer was originally scheduled to close at 7.00pm (EDST) on April 12, 2013 (extended from March 28, 2013) and is now scheduled to close at 7.00pm (EST) on Friday, May 17, 2013.
Firestone Maintains Shareholders Reject Range River Gold Ltd's Second Supplementary Bid
Firestone Energy Ltd reaffirmed its advice to shareholders to REJECT the offer by Range River Gold Limited for the acquisition of all ordinary shares in Firestone (in consideration of 1.25 Range River share for every two Firestone shares) following the receipt of RNG’s Second Supplementary Bidder’s Statement on March 27, 2013 (Offer). Firestone Energy will ask its independent expert to opine on the second supplementary bid. The board expects that this view will be received within a week and will advise shareholders accordingly. In the interim the board of Firestone recommends that shareholders REJECT the Offer on the grounds that it remains inadequate and opportunistic. The second supplementary bidders statement received from RNG has addressed a few of the reasons above being the proposed listing on the JSE AltX secondary board, removal of conditions and increasing value to shareholders by revising the consideration amount to be 1.25 pre-consolidation RNG shares for every 2 FSE shares. The consideration however remains in RNG shares, which the Firestone Board believes is inadequate. The Firestone Board reaffirms its recommendation that FSE shareholders REJECT. Shareholders should do nothing in relation to any documents received from RNG.
Range River Gold Ltd Increases Takeover Offer For Firestone Energy Limited
Range River Gold Ltd announced that it has substantially increased the consideration offered under takeover bid for Firestone Energy Limited (FSE) (Takeover Offer) and freed the Takeover Offer from all defeating conditions. RNG has substantially increased the Takeover Offer to 1.25 fully paid ordinary shares in the capital of RNG (RNG Shares) for every two fully paid ordinary shares in the capital of FSE (FSE Shares) (Increased Offer). Upon completion of the consolidation of all securities of RNG on a one for 10 basis (as approved by RNG shareholders in general meeting) (Consolidation), the Increased Offer will amount to 1.25 RNG Shares for every 20 FSE Shares held by shareholders of FSE.
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-3.11Analyst Research
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Provider: Edison Investment Research
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