Elemental Minerals provides update on the Dingyi Offer
PERTH, Australia, Feb. 21, 2014 /CNW/ - Elemental Minerals Ltd (ASX, TSX: ELM) ("Elemental" or the "Company") refers to its announcement of 28 January 2014 regarding the review that has been requested by Dingyi Group Investment Limited ("Dingyi") of the decision by The Stock Exchange of Hong Kong Limited ("SEHK"). The SEHK decided to classify Dingyi's off-market takeover offer for all of the fully-paid ordinary shares of Elemental ("Dingyi Offer") as a "reverse takeover" under the SEHK Listing Rules.
Elemental notes that Dingyi has confirmed that it has now lodged its formal written submissions for the review with the SEHK Listing Committee and that the review hearing is scheduled for 11 March 2014. The outcome of that hearing is expected to be known shortly after that hearing (although there is no formal timeline).
In light of the above developments and the scheduled date for the review hearing with the SEHK Listing Committee, if Dingyi was to achieve a favourable outcome in the review process (of which there can be no guarantee), the special general meeting of Dingyi shareholders will not be capable of being held until mid April (at the earliest). As the Dingyi Offer is scheduled to close on 31 March 2014 (being the same date as the Dingyi Shareholder Approval Condition End Date), the parties will need to reassess the transaction timetable following the outcome of the SEHK review process and further announcement will be made at that time.
About Elemental Minerals
Elemental Minerals Limited is an advanced mining exploration and development company that aims to grow shareholder value through its 93%-owned Sintoukola Potash Project on the Republic of Congo coastline. Elemental Minerals is dual listed on the Australian Stock Exchange and the Toronto Stock Exchange under the symbol ELM. For more information, visit www.elementalminerals.com
About Dingyi Group Investment
Dingyi Group Investment Limited is a company incorporated in Bermuda and listed on the Hong Kong Stock Exchange. Dingyi is an investment company with interests based primarily in Hong Kong and Mainland China. Dingyi is a company controlled by Mr. Li Kwong Yuk, a Chinese entrepreneur. Mr. Li also controls a number of other substantial Mainland Chinese and international business interests in sectors including infrastructure, real estate, financial institutions and natural resource, among others. http://www.dingyi.hk/
SOURCE Elemental Minerals LimitedFor further information:
Mr Sam Middlemas
Tel: +61 (419) 936 040
Mr Glenn Gatcliffe
Managing Director - BMO Capital Markets
Tel: +1 (416) 359 7048