Sundance Resources in trading halt ahead of Chinese regulatory approval
31 Jul 2012
The shares in Australia's Sundance Resources, a central West Africa-focused iron ore miner, was today placed in a trading halt ahead of an announcement over its $1.65-billion agreed takeover offer from its largest investor China's Hanlong Mining Investment.
The Perth-based company requested for a trading halt as it is expecting to make an announcement ahead of the Chinese regulator's decision on deal before the stock market opens tomorrow.
''The reason for the request (for a trading halt) is pending an announcement as to the issue of National Development Reform Commission approval to Hanlong Group as contemplated by the amended and restated scheme implementation agreement between Sundance and Hanlong,'' Sundance today said in a statement.
In July last year, Hanlong, with a 18.6-per cent stake in Sundance, had offered to buy the remaining share it does not already own for A$0.50 a share or$1.65 billion, a 25 per cent premium to Sundance's closing price of A$0.40 on 16 July.
Central West Africa focused Sundance, owns a big iron ore deposit on the border of the Republics of Cameroon and Congo.
Listed on the Australian Stock Exchange and with a market capitalisation of more than A$1 billion, Sundance is developing its flagship $4.7-billion Mbalam Iron Ore mine, which straddles the borders of the Republics of Cameroon and Congo.
