Ord River Resources stands to gain a 10% stake in coal producer Caledon Resources holding an option to acquire up to 10% of Caledon post close of the acquisition by China Guangdong Rising Assets Management Co Limited.
Recently GRAM and Caledon reached agreement on the terms of a recommended cash acquisition of Caledon by Bidco a wholly owned indirect subsidiary of GRAM. The offer price remains at EUR 1.12 per share in cash. This values the existing share capital of Caledon at approximately EUR 313.1 million.
Caledon is a coking coal producer and explorer in the Bowen Basin of Queensland, Australia. It acquired the mothballed Cook Mine in late 2006 and has since recommissioned the operation and introduced an innovative new underground mining methodology.
GRAM announced an intention to make the offer after having received Chinese regulatory approval and secured full cash funding. The acquisition will be effected via a scheme of arrangement. The offer was recommended by Caledon board.
GRAM has secured irrevocable undertakings and letters of intent from shareholders and directors representing a total shareholding of 53.52% in Caledon.
Recent figures show that Caledon raw coal production from operation rose 35% to 174 million tonnes of raw coal in the three months to the end of June. Caledon has targeted saleable output of 700,000 tonnes this year.
Recently GRAM and Caledon reached agreement on the terms of a recommended cash acquisition of Caledon by Bidco a wholly owned indirect subsidiary of GRAM. The offer price remains at EUR 1.12 per share in cash. This values the existing share capital of Caledon at approximately EUR 313.1 million.
Caledon is a coking coal producer and explorer in the Bowen Basin of Queensland, Australia. It acquired the mothballed Cook Mine in late 2006 and has since recommissioned the operation and introduced an innovative new underground mining methodology.
GRAM announced an intention to make the offer after having received Chinese regulatory approval and secured full cash funding. The acquisition will be effected via a scheme of arrangement. The offer was recommended by Caledon board.
GRAM has secured irrevocable undertakings and letters of intent from shareholders and directors representing a total shareholding of 53.52% in Caledon.
Recent figures show that Caledon raw coal production from operation rose 35% to 174 million tonnes of raw coal in the three months to the end of June. Caledon has targeted saleable output of 700,000 tonnes this year.
(sourced from ProactiveInvestors)
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