September 8, 2009

Chinese Nuclear Firm Swoops On Energy Metals



8th September 2009
Today's China Development Takeover Announcement
Click To View



China state-owned energy group CGNPC Uranium Resources Co Ltd (URC) plans to acquire up to 70 per cent of Perth-based uranium explorer Energy Metals Ltd under a bid that values the target at $119.46 million.

The proportional takeover offer of $1.02 a share is being made through a subsidiary, China Uranium Development co Ltd (CUD), and has been unanimously recommended Energy Metals directors.

Energy Metals shares last traded at 86 cents a piece after going into a trading halt on August 27 and the offer price represents a 60 per cent premium to the stock's three-month volume weighted average price up to August 26.

"The Energy Metals board believes that CGNPC's financial resources, technical expertise and strategic intent to develop its uranium resource portfolio, will greatly assist Energy Metals in its transition from explorer to developer and producer," chairman Oscar Aamodt said in a statement on Tuesday.

As part of the deal, CUD will also underwrite a one-for-nine rights issue by Energy Metals at 90 cents a share, which will follow the successful completion of the proportional takeover bid, to raise about $11.7 million.

The funds will be used to speed up Energy Metal's 53.7 per cent owned Bigrlyi project near Alice Springs in the Northern Territory.

"URC is supportive of Energy Metals' goal of becoming Australia's next uranium producer," Energy Metals said.

"It has a proven ability to finance the development of resource projects, including through joint venture projects with large international companies."

Energy Metals directors and Jindalee Resources Lt, which holds 40 per cent of the company, intend to accept the bid, in the absence of a superior proposal.

The offer is subject to conditions including Australian Foreign Investment Review Board and Chinese regulatory approvals and a minimum acceptance of 50.1 per cent of outstanding shares.

Under a deed signed between the two parties, Energy Metals has undertaken to deal exclusively with URC, and has agreed to "no shop, no talk and no due diligence" provisions unless a superior proposal emerges.

The bidder's and target's statements are expected to be sent to shareholders later this month.

CGNPC is a state owned company supervised by China's Assets Supervision and Administration Commission (SASAC).

Set up in 1994, it operates four nuclear power stations and further nuclear projects are under construction in China.

URC is a wholly owned subsidiary of CGNPC and aims was set up to establish stable channels of nuclear fuel supply for CGNPC, which has total assets of about $US16 billion ($A18.71 billion).

CGNPC also has a portfolio of wind, solar energy and hydro power assets.





Please Click Company Logos Below
To Reveal Company Quarterly Cashflow Report for June 2009 Qtr


ACB

__________________________________________________________
ADN

__________________________________________________________
AFR


__________________________________________________________
AUQ

__________________________________________________________
ALK

__________________________________________________________
AGS

__________________________________________________________
ARU

__________________________________________________________

ARV

__________________________________________________________

AXY
__________________________________________________________

ATQ
 

__________________________________________________________

AEE
 
__________________________________________________________

BMN


__________________________________________________________

BKY
 

__________________________________________________________

BLR

__________________________________________________________

BLZ
  

__________________________________________________________

BOM
 

__________________________________________________________

CAS


__________________________________________________________

CUX


__________________________________________________________

CUY


__________________________________________________________

DYL
 
__________________________________________________________

DSN
  

__________________________________________________________

EKM
 

__________________________________________________________

ENR
 

__________________________________________________________

EME

__________________________________________________________

EMA


__________________________________________________________

ENT

__________________________________________________________

EPS
 

__________________________________________________________

EQN

__________________________________________________________

ERA

__________________________________________________________

ERO

__________________________________________________________

ERN
 

__________________________________________________________

EXT

__________________________________________________________

FTE
 

__________________________________________________________

GIR
 

___________________________________________________________

GBE

________________________________________________________

GCR

_________________________________________________________

GDN

_________________________________________________________

GWR

_________________________________________________________

GGG

__________________________________________________________

IPT

______________________________________________________________

JRL

______________________________________________________________

KOR

__________________________________________________________

MHC

__________________________________________________________

MRU

__________________________________________________________

MEU


__________________________________________________________

MXR

__________________________________________________________

MLS

__________________________________________________________

MRC

__________________________________________________________

MLI

__________________________________________________________

MKY

__________________________________________________________

MRO

__________________________________________________________

MOX

__________________________________________________________

MTN

__________________________________________________________

NGM

__________________________________________________________

NTU

__________________________________________________________

NUP

__________________________________________________________

OKU

__________________________________________________________

PDN

__________________________________________________________

PEN

__________________________________________________________

PNN

__________________________________________________________

QUR

__________________________________________________________

RDM

__________________________________________________________

RCP

__________________________________________________________

RSL

__________________________________________________________

REX

__________________________________________________________

ROY

__________________________________________________________

RUM

__________________________________________________________

SXX

___________________________________________________________

SNU

__________________________________________________________

SMM

__________________________________________________________

TUC

__________________________________________________________

TRF

__________________________________________________________

THX

__________________________________________________________

TEU

__________________________________________________________

TOE

__________________________________________________________

UTO

__________________________________________________________

URL

__________________________________________________________

UEQ

__________________________________________________________

URA

__________________________________________________________

UNX

__________________________________________________________

UXA

__________________________________________________________

USA

__________________________________________________________

WME

__________________________________________________________

WAS

__________________________________________________________

WCP

__________________________________________________________

WTN

__________________________________________________________

WWW

__________________________________________________________

WCU

__________________________________________________________

WHE

__________________________________________________________

YRR

_______________________________________________________



accutane lawsuits







1 comment:

  1. eToro is the #1 forex broker for beginner and professional traders.

    ReplyDelete