Business
Elemental provides update on Dingyi Offer
Highlights Dingyi has requested a review of Hong Kong Stock Exchange Decision (as d...
About this update from Element Lifestyle Retirement Inc.
[{"type":"text","content":"\n\n\nHighlights\n\n\n\nDingyi has requested a review of Hong Kong Stock Exchange Decision (as\n defined below)\n\n\nElemental remains committed to supporting Dingyi in the review process\n and the parties have agreed conditional timetable extensions to\n facilitate this process\n\n\nThe Majority Directors continue to recommend the Dingyi Offer. Until\n there is greater clarity on the response of the SEHK review, they\n suggest Shareholders wait for that decision before taking further steps\n in respect of the Dingyi Offer\n\n\nUp to $10 million should be available for drawdown in the coming weeks\n under the existing convertible loan facility provided by Dingyi to\n Elemental, subject to satisfaction of conditions.\n\n\n\nPERTH, Australia, Dec. 23, 2013 /CNW/ - Elemental Minerals Ltd (ASX,\n TSX: ELM) (\"Elemental\" or the \"Company\") provides the following update on the off-market takeover offer for\n all of the fully-paid 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\nBackground to the Dingyi Offer\n\n\nOn 1 July 2013, Elemental and Dingyi entered into the Bid Implementation\n Agreement pursuant to which the parties agreed that Dingyi would make\n the Dingyi Offer.\n\n\nExecution of the Bid Implementation Agreement was the culmination of a\n strategic review of the Company's alternatives and the completion by\n Dingyi of a thorough legal, technical and financial due diligence on\n the Company and its flagship Sintoukola potash project.\n\n\nYour Directors were unanimous in the view that the Dingyi Offer of 66\n cents per Share should be put to and considered by Shareholders given\n that it represented a significant premium to the trading price of an\n Elemental Share at the point in time at which Elemental announced it\n was in exclusive discussions with Dingyi.\n\n\nDingyi Shareholder Approval Condition and SEHK decision \n\n\nAs Shareholders are aware, the Dingyi Offer is subject to a range of\n conditions including the Dingyi Shareholder Approval Condition. This\n condition is required because under the rules of the SEHK, transactions\n of listed issuers such as Dingyi are subject to various disclosure\n and/or shareholder approval requirements depending on the\n clas...