Inova Resources Ltd: Shanxi Donghui Receives Final Chinese Regulatory Approvals and Declares Its Offer Free from All Conditions Other Than 51% Minimum Acceptance Condition
29.10.2013 | Marketwire
MELBOURNE, AUSTRALIA -- (Marketwired - Oct. 28, 2013) - Inova Resources Limited (ASX:IVA)(TSX:IVA) (Inova or the Company) has received notice from Shanxi Donghui Coal Coking & Chemicals Group Co., Ltd (Shanxi Donghui) that it has received the remaining approvals from Chinese regulators (MOFCOM) for its conditional takeover offer for all the shares in the Company at a price of A$0.22 per share (the Offer).Shanxi Donghui has also announced that it has waived all remaining conditions to the Offer other than the 51% minimum acceptance condition. The Company's 56.1 % majority shareholder, Turquoise Hill Resources Limited (Turquoise Hill), has previously advised that, unless a superior proposal emerges, it will accept into the Offer in respect of all of the shares that it controls once all conditions to the Offer other than the minimum acceptance condition have been met.
As detailed in the Target's Statement that was despatched on 27 September 2013, shareholders should note that the Recommending Directors recommend that at such time as the Offer has become unconditional and Turquoise Hill has accepted the Offer for all of its shares, then shareholders should accept the Offer, in the absence of a superior proposal. Inova has not yet been informed that Turquoise Hill has accepted the Offer for all of its shares and will update shareholders promptly as the Offer progresses.
The Offer will remain open until 7pm, Melbourne time on 14 November 2013, unless further extended by Shanxi Donghui.
If required, shareholders are encouraged to seek financial and legal advice. For further information, shareholders are encouraged to contact the Inova Shareholder Information Line on 1300 551 547 (within Australia) and +61 1300 551 547 (outside of Australia). The line is available Monday to Friday between 8.30am and 5.30pm (AEST).
ABN 20 107 689 878
Contact
Inova Resources Limited
Stephen Nossal, Senior VP Corporate Development
+61 3 9090 8800
Stephen.Nossal@InovaResources.com
www.InovaResources.com
Hintons
Nerida Mossop
Media
+61 3 9600 1979 or +61 437 361 433