View in Other Languages 中国广东核电集团收购Energy Metals (ASX:EME)70%股份 China Guangdong Nuclear Power Holding Acquires 70% Stake in Energy Metals (ASX:EME) 中國廣東核電集團收購Energy Metals (ASX:EME)70%股份 
CGNPH Acquires 70% Stake in Energy Metals (ASX:EME)
CGNPH Acquires 70% Stake in Energy Metals (ASX:EME)

Sydney, Sep 8, 2009 AEST (ABN Newswire) - Australian uranium explorer Energy Metals (ASX:EME) has entered into an agreement with China Guangdong Nuclear Power Holding Co., or CGNPH, which offered A$83.6 million for control in Energy Metals.

State-owned CGNPH will acquire 70% of the outstanding ordinary shares in the Australian miner for A$1.02 cash per share. The offer price represents a 60% premium to the 3 month volume weighted average price of Energy Metals shares up to 26 August 2009.

Energy Metals has a portfolio of eight undeveloped uranium properties covering 4,000 square kilometers in Australia's Northern Territory and Western Australia.
CGNPC has also agreed to underwrite an A$11.7 million 1-for-9 rights issue at 90 cents a share. It will end up with 73% of the company if no other shareholders participate.

The Energy Metals directors unanimously recommend shareholders accept the bid in the absence of a superior proposal being received, the company said in a statement.

The offer is subject to the approval of shareholders, the Australian Foreign Investment Review Board and Chinese regulators.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 12) (Last 30 Days: 47) (Since Published: 11876) 

View in Other Languages 12249118769916 (34041)

googlechart