dingyi share price, page-2

it certainly looks interesting....

massive volume of 33.7million with the 30 day average just 6.3million

finished up 17.5% but was up 34% at one point.

http://www.bloomberg.com/quote/508:HK

It's interesting because there was huge volume and an increase in their sp prior to the first announcement of the non binding approach @ $0.66..

link below..

"ANNOUNCEMENT RELATING TO UNUSUAL SHARE PRICE AND TRADING VOLUME MOVEMENTS AND A NON-BINDING INDICATIVE INCOMPLETE PROPOSAL MADE BY THE COMPANY TO AN OVERSEAS LISTED COMPANY"

"The board (the “Board”) of directors of the Company (the “Directors”) has noted the recent increase in the price and trading volume of the shares of the Company (the “
Shares”) and is pleased to announce that after trading hours on 11 April 2013, the Company has made an indicative, non-binding, incomplete and conditional proposal to Elemental Minerals Limited (“Elemental”) which, if it were to proceed to a formal offer, could result in a cash offer being made by the Company to acquire all the issued shares of Elemental (the “Elemental Shares”) for an offer price of AUD0.66 (equivalent to approximately HK$5.3832*) per Elemental Share (the “Proposed Offer”).

http://www.aplushk.com/dingyi/upload/ew_00508ann-20130412.pdf

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Another bit of info I have found, refers to a "source" close to Dingyi.

The last extension was due to certain Dingyi shareholders being in a "blackout" period till the end of June ...

this restricts them from completing major transactions until then (hence the extension till the end of June)

which is what ELM refer to in their last Ann.....

http://www.elementalminerals.com.au/upload/documents/Further%20Update%20on%20Dingyi%20Proposal%2030%20May%202013.pdf

"In order to enable Elemental and Dingyi time to finalise the outstanding due diligence matters, comply with applicable Hong Kong Stock Exchange requirements"

the "source" also confirms due diligence has been more or less completed and there hasn't been any indication to change the original terms ($0.66 offer)

see link below..

http://www.chinagoabroad.com/en/article/elementaldingyi-delays-still-attributed-multi-jurisdictional-logistical-issues-%E2%80%93-sources


Logistical issues arising from the number of jurisdictions involved in Dingyi Group's proposed bid forElemental Minerals [ELM:AU] are still the main reason behind yet another extension of due diligence and exclusivity, according to a source and person familiar with the situation.



It was also explained that as a Hong Kong-listed company, certain Dingyi shareholders are restricted from making major transactions until the expiration of a blackout period at the end of June. This is limiting Dingyi's ability to progress the deal with the HK regulator.



On Friday Dingyi and Elemental agreed to a second extension to exclusivity in relation to Dingyi's AUD 66c per share non-binding indicative proposal.



Exclusivity now ends on 30 June.



Both the source and person familiar confirmed that due diligence has effectively been completed and the person claimed that Elemental has seen no indication of any drive to change terms.

As previously announced, the proposed offer would not be conditional on finance, approval from the Foreign Investment Review Board (FIRB) or Chinese regulators.



Elemental previously announced that the parties mutually agreed to extend the exclusivity period to 31 May, having originally entered into exclusive dialogue on 12 April, in part to give the Dingyi board time to consider and approve due diligence findings.



The Hong Kong-listed Dingyi is incorporated in Bermuda and is majority owned by Chinese entrepreneur Li Kwong Yuk.



Elemental shares closed at AUD 39.5c on Tuesday, having previously traded around AUD 43.5c level prior to the latest extension.



by Stephanie Hanna and Simon Segal in Sydney

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interesting eh :-)