Just been reading the full "CGNPC URANIUM RESOURCES CO., LTD. ("CGNPC-URC") POSSIBLE RECOMMENDED CASH OFFER FOR KALAHARI MINERALS PLC ("Kalahari")" document.
"CGNPC-URC intends to engage with the Australian Securities and Investments Commission ("ASIC") prior to any Rule 2.5 Announcement, to confirm that any offer under Rule 2.5 of the City Code is in compliance with the Australian Corporations Act. CGNPC-URC will seek relief from ASIC to acquire a relevant interest in more than 20 per cent of Extract on a basis agreed between CGNPC-URC and ASIC."
Which most of us have taken to mean that if ASIC did not grant relief, CGNPC would withdraw their offer.
However in the full offer document is says:
QUOTE
"2. ASIC providing an exemption from the provisions of Chapter 6 of the Australian Corporations Act under section 655A of that Act to allow CGNPC-URC to acquire more than a 20 per cent relevant interest under that Act in Extract Shares in connection with the acquisition of Kalahari Shares in relation to the Possible Offer, including as a result of receiving irrevocable undertakings or conditional acceptances to accept the Possible Offer and providing such other relief as may be reasonably required by CGNPC-URC, subject to such conditions as are agreed by CGNPC-URC with ASIC, which may include a requirement for CGNPC-URC to make a downstream offer to Extract Shareholders on terms agreed by CGNPC-URC with ASIC ("ASIC Relief");"
So ISTM that CGNPC are prepared to make a full takeover offer for EXT if required by ASIC.
Regards
Steve
PS Thanks to Beerbaron for drawing this to my attention.
EXT Price at posting:
$10.50 Sentiment: LT Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)