November 15, 2013 10:25 ET

Shanxi Donghui Coal Coking & Chemicals Group Co., Ltd: Announcement of Completion of Takeover

SHANXI, CHINA--(Marketwired - Nov. 15, 2013) - Shanxi Donghui is pleased to announce the successful completion of its unconditional off-market takeover offer dated 12 September 2013 for the ordinary shares in Inova at AUD$0.22 per share (Offer).

The Offer closed at 7.00pm Melbourne time on 14 November 2013.

As at 9.00am Melbourne time on the date of this announcement Shanxi Donghui had acquired a relevant interest in and acquired 95.37% of Inova's ordinary shares (based on 733,704,446 ordinary shares on issue) as a result of acceptances of the Offer.

Given that Shanxi Donghui has achieved at least 90% of acceptances for its Offer Shanxi Donghui intends, as foreshadowed in its bidder's statement, to proceed immediately with compulsory acquisition of outstanding Inova ordinary shares at AUD$0.22 per share.

The consideration to be paid in the compulsory acquisition is equivalent to approximately $0.215 Canadian per share assuming the closing AUDCAD exchange rate of 0.9784 on the 14th November 2013.

As indicated in its bidder's statement if the Offer is successful Shanxi Donghui intends to arrange for Inova to be removed from the official list of ASX and the Inova shares to be delisted from the TSX.

Contact Information

  • Shanxi Donghui Coal Coking & Chemicals Group Co., Ltd
    95 Xinjian North Road, Yingze District,
    Taiyuan, Shanxi, China

    Shanxi Donghui Offer Information Line
    1300 354 618 (for callers within Australia)
    +613 9415 4050 (for callers outside Australia)