Fortune Oil PLC Regulatory Approval for FGIH Transaction (4280L)
August 12 2013 - 2:00AM
UK Regulatory
TIDMFTO
RNS Number : 4280L
Fortune Oil PLC
12 August 2013
12 August 2013
Fortune Oil PLC
("Fortune Oil" or the "Company")
Regulatory Approval for FGIH Transaction
On 17 December 2012 the Company announced that it and Wilmar
International Limited, the 15% shareholder of Fortune Gas
Investment Holdings Limited ("FGIH"), had entered into a
conditional contract to sell their entire interest in FGIH to China
Gas Holdings Limited. Completion of the transaction (the "FGIH
Transaction") was subject to certain conditions, including
regulatory approval from MOFCOM (the anti-monopoly bureau of the
Ministry of Commerce of the People's Republic of China), being
satisfied by 30 June 2013 (or such later date as agreed in writing)
(the "Long Stop Date"). Given additional time was required for the
fulfilment of the MOFCOM regulatory approval condition, the
Company, Wilmar International Limited and China Gas Holdings
Limited entered into a supplementary agreement on 27 June 2013 in
order to extend the Long Stop Date to 30 September 2013.
China Gas Holdings Limited informed the Company that the MOFCOM
regulatory approval had been obtained. It is anticipated that
completion of the FGIH Transaction will occur after all of the
normal handover procedures have been completed.
The Company announced on 7 August 2013 that it would be putting
inter-conditional proposals to shareholders in General Meeting
relating, amongst other things, to the acquisition of Wilmar
International Limited's interest in the consideration receivable as
a result of the FGIH Transaction (the "Proposed Acquisition") and
the amendment of a loan received from Fortune Dynasty Holdings
Limited amounting to US$12m, such that it will be repayable in
shares in Fortune Oil (the "Loan Settlement"). A waiver is being
sought from the Takeover Panel of the requirements of Rule 9 of the
Takeover Code for a general offer to be made for the Company by
parties (the "Concert Party") who, by receiving Ordinary Shares
through the Loan Settlement and the Proposed Acquisition, would own
more than 56.9% of the Company's issued share capital. The Company
intends, subject to approval by the Panel, to send a circular to
shareholders providing information about the Proposed Acquisition
and the Loan Settlement, convening a general meeting of the Company
at which the Rule 9 Waiver resolution will be put to a vote of the
shareholders of the Company. The date of the general meeting of the
Company has not yet been set but it will be held as soon as
practicable.
For further information please
contact:
Fortune Oil PLC
Tee Kiam Poon - Chief Executive Tel: (+852) 2583
Bill Mok - Chief Financial 3125
Officer Tel: (+852) 2583
3120
VSA Capital Limited (Financial
Adviser) Tel: (+44/0) 20
Andrew Raca 3005 5000
Pelham Bell Pottinger
Archie Berens Tel: (+44/0) 7802
442486
Background on Fortune Oil
Fortune Oil is a leading independent energy company engaged in
the investment and operations of oil and natural gas supply
projects in the People's Republic of China. Fortune Oil has
acquired a unique portfolio of high quality oil and natural gas
projects across the country and has formed a strong partnership
with domestic and international market leaders. Fortune Oil
recently started an expansion outside the PRC securing resource
projects. Fortune Oil is listed on the Main Market of the London
Stock Exchange with its operational headquarters in Hong Kong.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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