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,
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.
SOURCE: Elemental Minerals Limited
For further information:
Mr Sam Middlemas
Tel: +61 (419) 936 040
Mr Glenn Gatcliffe
Managing Director - BMO Capital Markets
Tel: +1 (416) 359 7048