March 8 (Reuters) - Australian Rural Capital Ltd (ARC) :
- Clarification of media reports (ARC)
- Confirms that it is working exclusively with a member of the Shanghai Pengxin Group and its advisors
- Refers to article in the Australian in relation to ARC's proposed participation with member of Shanghai Pengxin Group
- "It is the current intention of ARC to seek to raise equity funds in the Australian capital markets"
- Proposed transaction would result in ARC holding a direct ownership stake in Kidman
- An application has been made to the foreign investment review board by the Shanghai Pengxin Group member in relation to the proposed transaction
- Recommendation by Foreign Investment Review Board (FIRB) and approval by treasurer required for the proposed transaction to proceed
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