SHOUGANG CONCORD INTERNATIONAL ENTERPRISES COMPANY LIMITED (Incorporated in Hong Kong with limited liability) (Stock Code: 697) ANNOUNCEMENT TERMINATION OF TRANSACTION The Company refers to the proposed acquisition of an approximately 19.7% interest in Mount Gibson Iron Limited, a company listed on the Australian Securities Exchange, details of which are set out in the Circular. On 31 March 2008, the Takeovers Panel of Australia made an order cancelling the Share Purchase Agreement and the Option Agreement. This order was made following the Panel making a declaration of unacceptable circumstances within the meaning of the Australian Corporations Act 2001. Reference is made to the announcement of the Company dated 31 January 2008, the circular of the Company dated 18 February 2008 (the “Circular”) and the clarification announcement of the Company dated 19 February 2008 in relation to the Acquisition and the Option. Save as otherwise provided, terms used herein shall have the same meanings as used in the Circular. On 31 March 2008, the Takeovers Panel of Australia made an order cancelling the Share Purchase Agreement and the Option Agreement, with immediate effect. This order was made following the Panel making a declaration of unacceptable circumstances within the meaning of the Australian Corporations Act 2001. As noted in the Circular, completion of the Acquisition was conditional upon the Company receiving the Australian Treasurer's approval under the Australian Foreign Acquisitions and Takeovers Act 1975 on or before 31 March 2008, and the granting of the Option was conditional upon completion of the Acquisition. As at the time the Panel's order came into effect, the Company had not received the Australian Treasurer's approval. In view of the foregoing, all rights and obligations of the parties under the Share Purchase Agreement and the Option Agreement are terminated and neither the Company nor the Vendor shall have any claim against the other. By Order of the Board Shougang Concord International Enterprises Company Limited Cao Zhong Managing Director Hong Kong, 1 April 2008
ARH Price at posting:
0.0¢ Sentiment: None Disclosure: Held
