Sinosteel-backed directors join Midwest board
Charlotte Dudley
Thursday, 10 July 2008
AS THREE Sinosteel-endorsed board members get set to take seats on the Midwest Corporation board, the Australian iron ore aspirant has proposed issuing more than three million company shares if Sinosteel successfully acquires a majority stake in the company.
Chinese steelmaker Sinosteel, which is attempting to take over Midwest, has been steadily building up an increasing stake in the iron ore play, most recently lifting its stake in Midwest to 47.14%.
The share proposal – to be undertaken if Sinosteel takes 50.1% of Midwest – would see Midwest issue more than 3 million shares to raise $A19.36 million.
The funds will go towards paying off the company’s corporate advisory fees owed to adviser Morgan Stanley in relation to the Sinosteel takeover.
Meanwhile, at the request of Sinosteel, Midwest has appointed three new directors to its board.
Sinosteel Australia general manager Sijun (Tony) Cheng, Sinosteel Mining vice general manager Hongbin (Michael) Wu and Australia China Business Council vice president Ian McCubbin will join the Midwest board from July 11.
Shares in Midwest were unchanged at $6.40.
- Forums
- ASX - By Stock
- MIS
- midwest and sinosteel may do a deal
MIS
midwest corporation limited
midwest and sinosteel may do a deal, page-3
-
- There are more pages in this discussion • 3 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add MIS (ASX) to my watchlist
Currently unlisted public company.
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, MD & CEO
Anthony Noble
MD & CEO
Previous Video
Next Video
SPONSORED BY The Market Online