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30 Nov 2009 07:00
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30thΒ NovemberΒ 2009
Weatherly International Plc ("Weatherly"Β "WTI",Β or the "Company")
Update onΒ Share SubscriptionΒ by East China Mineral Exploration and DevelopmentΒ Bureau
The Board of Weatherly takes this opportunity to update shareholders on progress with our negotiations withΒ East China Mineral Exploration and Development Bureau ("ECE").Β
We are pleased to reportΒ that, further to the signedΒ Letter of Intent ("LOI") announced on 15 September 2009,Β theΒ partiesΒ are making good progressΒ togetherΒ towards completing the Share Subscription.Β ECE's due diligence is well advancedΒ andΒ ECE have obtained,Β in principle,Β the necessaryΒ approvalsΒ from theΒ relevantΒ authorities in the People'sΒ Republic ofΒ ChinaΒ to proceed withΒ itsΒ investmentΒ into Weatherly.
As previously announced, theΒ LOIΒ states thatΒ completion of the transaction will also be conditional on approval by the shareholders of Weatherly in general meeting which includes aΒ "whitewash" from the independent shareholders of the Company to alleviate any obligation on ECE to make a mandatory offer under Rule 9 of the Takeover Code.Β The CompanyΒ currently anticipates that it willΒ send a circular to shareholders seekingΒ approvalΒ for the transactionΒ before 31Β January 2010 in line with the previouslyΒ notifiedΒ expected timeline for the transaction.
Further announcements will be made in due course.
For further information contact:
|
Rod Webster, Chief Executive Officer, Weatherly International PlcΒ |
+44 (0) 20 7868 2232 |
|
Richard GreenfieldΒ or Samantha Harrison, Ambrian Partners Limited |
+44 (0) 20 7634 4700 |
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