HONG KONG, Dec. 11, 2014 /PRNewswire/ -- Hunan Nonferrous Metals Holding Group Co. Ltd. ("HNG"), and Hunan Nonferrous Metals Corporation Limited ("HNC" or the "Company", HKEx stock code: 2626) jointly announced today the proposed privatisation of HNC.
HNG, via a wholly owned subsidiary, will make a pre-conditional voluntary cash offer of HK$4.20 per share to acquire all of the issued H Shares of HNC. The H Share Offer Price represents a premium of approximately 68.67% over the closing price of HK$2.49 per H Shares on the Last Trading Date. HNG will not be allowed to increase the H Share Offer Price, as disclosed in the announcement.
In addition, HNG will make a pre-conditional voluntary cash offer to acquire all of the issued Domestic Shares (other than those owned, controlled or agreed to be acquired by HNG and its Concert Parties). The Domestic Share Offer Price will be RMB1.58 in cash for each Domestic Share, representing a liquidity discount of approximately 19.84% over the closing price of the H Shares on the Last Trading Date.
HNG has certain business overlap with HNC. Upon the completion of the Privatisation and Delisting, HNG and HNC will be better positioned to eliminate overlaps, align interests and integrate resources.
Upon satisfying the Pre-condition, the Composite Document for the H Share Offer, the Delisting and the Merger will be despatched to shareholders, together with the form of acceptance for the H Share Offer, as soon as practicable and in compliance with applicable regulatory requirements.
Application has been made by the Company to the Hong Kong Stock Exchange for the resumption of trading in the H Shares of HNC on the Stock Exchange with effect from 9:00 a.m. on 12 December 2014.
Unless otherwise specified, all terms in capital letters carry the same meaning as defined in the announcement. For details of the privatisation proposal, please refer to the announcement made by HNC on 11 December 2014.
About Hunan Nonferrous Metals Corporation Limited (HKEx stock code: 2626)
Hunan Nonferrous Metals Corporation Limited is a joint stock company incorporated in the PRC with limited liability. The Group is an integrated producer of nonferrous metals, excluding aluminium. It possess a vertically-integrated and centralised production chain that includes upstream exploration, mining and ore processing as well as midstream smelting, downstream refining and value-added processing. It is a major producer of cemented carbides, zinc, antimony, lead, silver, indium, tantalum and niobium products in the PRC.
About Hunan Nonferrous Metals Holding Group Co. Ltd.
China Minmetals Corporation is the ultimate parent company and controlling shareholder of HNG, and is a state-owned enterprise existing under PRC laws. It is an international metals and mining corporation committed to providing high-quality services globally. It is primarily engaged in exploration, mining, smelting, processing and trading for metals and minerals, and is also engaged in finance, real estate, and mining and metallurgic technology.
HNG mainly operates in the manufacturing and distribution of non-ferrous metals, and owns a complete integrated industrial chain from exploration, mining, ore-dressing, refining, deep processing and R&D. It is engaged in multiple business segments including the mining and dressing, refining, processing and R&D activities in relation to non-ferrous metals, machinery manufacturing, inorganic chemicals, bio-medicine, and property development.
