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White Energy Takeover of South Australian Coal Successful |
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Thursday, 29 July 2010 23:51 |
White Energy Company Limited (ASX:WEC; OTCQX: WECFY) announced that it has received acceptances totaling over 97% in respect of the takeover offer by White Energy’s wholly owned subsidiary, White Energy Mining Pty Limited (the Bidder), for all of the ordinary shares in South Australian Coal Limited (SAC). The offer period for the takeover offer closed at 5.00pm yesterday.
White Energy’s Chairman, Mr John McGuigan said, “We are very pleased with the outcome of White Energy’s takeover offer for South Australian Coal, one is absolutely delighted by the overwhelming support shown for the takeover as reflected by the over 97% acceptance figure. We look forward to welcoming the South Australian Coal shareholders as shareholders of White Energy and now focusing our efforts on developing the Lake Phillipson coal deposit.”
Over 90% of the acceptances received as at the close of the offer period have elected to receive the Share Alternative as consideration for the offer. Consequently, the Cash Alternative will not be subject to any scale back. SAC shareholders who have validly accepted the offer can expect to receive the consideration under the offer on or around 11 August 2010. Those SAC Shareholders who have elected to receive the Share Alternative will also receive at that time, information about how to accept the offer comprising the White Energy Subscription Rights, including the relevant Exercise Forms.
As a consequence of White Energy achieving a relevant interest in SAC of greater than 97%, the Bidder intends to move to compulsorily acquire all remaining SAC shares. Those SAC shareholders whose SAC shares are subject to the compulsory acquisition will be able elect to receive the Share Alternative for some or all of their SAC shares, otherwise they will receive the Cash Alternative. SAC shareholders will soon be sent a compulsory acquisition notice and letter providing further details about the compulsory acquisition process.
White Energy intends to begin the compulsory acquisition process promptly with a view to completing its acquisition of SAC as soon as practicable. |
