Extract Shares Halted As Kalahari-China Guangdong Deadline Looms
December 07 2011 - 7:07PM
Dow Jones News
Trading in Extract Resources Ltd. (EXT.AU) was halted Thursday
at the company's request ahead of a deadline for China Guangdong
Nuclear Power Corp. to decide whether to proceed with a bid for
Kalahari Minerals PLC (KAH.LN), Extract's biggest shareholder.
In a letter to the Australian securities exchange, Extract said
it expects an announcement to be made on the London Stock Exchange
concerning negotiations between Kalahari and state-owned CGNPC.
Under Australian takeover rules, a bid for Kalahari would trigger
an offer for 43%-owned Extract.
CGNPC has until late in the London day Thursday to announce a
firm intention to make an offer for Kalahari - unless the U.K.
Takeover Panel agrees to extend the deadline. Kalahari has said the
Chinese company may make a cash offer at 243.55 pence a share.
Kalahari's key asset is its investment in Extract, which is
developing one of the world's largest uranium deposits in
Namibia.
Extract early this month was given a mining license for its
Husab project, which neighbors Rio Tinto PLC's (RIO) Rossing
uranium mine. Rio owns an almost 12% stake in Kalahari and has a
14% interest in Extract.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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