Business
Elemental Minerals Review of Operations for the Quarter Ended 30 September 2013
PERTH, Australia , Oct. 31, 2013 /CNW/ - Elemental Minerals Ltd. (ASX, TSX: ELM) (" El...
About this update from Element Lifestyle Retirement Inc.
[{"type":"text","content":"\n\n\nPERTH, Australia, Oct. 31, 2013 /CNW/ - Elemental Minerals Ltd. (ASX, TSX: ELM) (\"Elemental\" or \"the Company\") is pleased to provide the following quarterly update on its\n activities, including at its Sintoukola Potash Project located in the\n Republic of Congo (\"RoC\").\n\n\nDingyi Offer \n\n\nDuring the quarter, Bidder's and Target's Statements were issued in\n relation to the off-market takeover offer for all of the fully-paid\n ordinary shares of Elemental (\"Dingyi Offer\") by Dingyi Group Investment Limited (\"Dingyi\"), a company incorporated in Bermuda and listed on The Stock Exchange\n of Hong Kong Limited (\"SEHK\").\n\n\nAs previously announced, the Dingyi Offer remains conditional upon\n Dingyi obtaining the approval of its shareholders at a special general\n meeting of Dingyi (see section 5.2 of Elemental's Target's Statement\n for more details) and certain other conditions.\n\n\nThis approval is required under the rules of the SEHK.  The applicable\n procedural requirements (including the level of disclosure required)\n and the timing to obtain the relevant shareholder approval depend on\n the vetting process of announcement by SEHK. As at the date of this\n update, Dingyi has addressed a series of queries raised by the SEHK,\n and the announcement is still in the process of vetting by the SEHK. \n Elemental has done all it can to facilitate Dingyi addressing the\n SEHK's queries.\n\n\nThe process of obtaining this regulatory approval has taken considerably\n longer than Dingyi, Elemental and their respective advisers initially\n expected. Dingyi and Elemental have worked constructively and\n diligently together to satisfy the information requests and remain\n committed to achieving a quick resolution, so that the transaction can\n progress.\n\n\nIf the SEHK clears the announcement and classifies the transaction as a\n 'very substantial acquisition', Dingyi will lodge a detailed\n shareholder circular (including a technical report and a valuation\n report on the Sintoukola project) (Dingyi Circular) for approval by the SEHK. The vetting of a circular in respect of the\n transaction may take one to two months but this review period can be\n considerably shorter. Elemental will strive to expedite the process and\n will assist Dingyi during this vetting process as required. Following\n approval o...