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Mindy Tan
25 September 2014
Sino Construction Limited intends to make an off-market takeover bid for Australian-listed Guildford Coal (GUF).
The takeover bid will be made at a bid price of A$0.0613 (approximately S$0.069) per GUF share. The consideration will be satisfied via an allotment and issue of one new ordinary share in Sino Construction for every 4.5 GUF Shares. Based on the issued and paid-up share capital of GUF, up to 229,639,650 new shares may be issued as the consideration for the takeover bid.
This takeover bid follows the group entering non-binding terms with GUF to acquire all of the latter’s portfolio of coal assets in Australia for a total consideration of US$25 million and a payment of ongoing royalty. The management of Sino Construction is now of the view that it is more advantageous to acquire all of GUF’s assets, including its coal producing assets in Mongolia, said Sino Construction on Thursday.
Separately, the group is proposing to change its name to “Magnum Strategic Resources Limited” to better reflect the group’s new strategy and scope of operations in the future.