Bannerman proceeds with Hanlong talks despite ASIC insider trading probe by: David Winning From: Dow Jones Newswires September 27, 2011 11:23AM Increase Text SizeDecrease Text SizePrintEmail Share Add to DiggAdd to del.icio.usAdd to FacebookAdd to KwoffAdd to MyspaceAdd to NewsvineWhat are these?URANIUM miner Bannerman Resources today said it aims to advance takeover talks with potential suitor Sichuan Hanlong Group in coming weeks, despite the ongoing regulatory investigation into insider trading by some executives of the Chinese company. Bannerman, which aims to develop a uranium deposit in Namibia, in the southern African region, said Hanlong's due diligence is well progressed.
A Bannerman statement said it "has been advised by Hanlong that recent action by the Australian Securities and Investments Commission involving several Australia-based Hanlong employees has not diminished Hanlong's interest in progressing its proposal to acquire Bannerman".
Earlier this month, Australia's stockmarket watchdog froze the assets and imposed travel bans on several senior Hanlong executives as part of an insider trading investigation.
The probe by the Australian Securities and Investments Commission relates to Hanlong's $1.3 billion of planned investments in Bannerman and Sundance Resources.
BMN Price at posting:
32.0¢ Sentiment: ST Buy Disclosure: Held
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