omniture

Hunan Nonferrous Shareholders Approve Privatization

Shareholders to submit offer acceptance by 17 March
2015-03-06 23:04 3924

HONG KONG, March 6, 2015 /PRNewswire/ -- Hunan Nonferrous Metals Corporation Limited ("Hunan Nonferrous" or the "Company", HKEx stock code: 2626) is pleased to announce today that its privatization, delisting and merger have been approved by a majority of its independent shareholders. Shareholders have to tender acceptance of the Offer, at HK$4.2 per H share, by 4 pm, 17 March 2015. The privatization of Hunan Nonferrous will become unconditional when the total number of shares held by the Offeror amounted to 85% of total shares.

The management team of Hunan Nonferrous said, "The privatization of Hunan Nonferrous has undergone prudent consideration. Our aim is to reorganize subsidiaries of the parent company, streamline structures, and realign resources to cope with challenges in the industry. It is in the interest of the parent company, the Company and our shareholders. All resolutions have received high percentages of support from shareholders. I would like to express my heartfelt thanks to shareholders for their support and trust in us."

After the passing of the privatization, shareholders have to submit the Form of Acceptance by no later than 4 pm, 17 March 2015. Failing to do so, their shares of Hunan Nonferrous will become non-liquid after the Company's delisting. Shareholders are urged to take necessary action in view of their personal interest.

The Company has received Irrevocable Undertaking from three institutional shareholders holding significant positions; they are Senrigan Capital Group, Davidson Kempner European Partners, and Prudence Investment Management, holding 115 million shares, 97.9 million shares and 20.2 million shares respectively on the Record Date. They will submit Offer acceptance before the deadline.

Voting Results Summary

Meetings

Resolutions

No of Shares

Results

For

Against

Special General Meeting

To approve, ratify and confirm the Merger and the other related transactions, and to authorize directors of the Company to implement them

 

2,808,771,899

(99.96%)

1,061,000

(0.04%)

Passed

Special General Meeting of the Independent Shareholders

1.   To approve the voluntary withdrawal of the listing of the H Shares from the Stock Exchange, and to authorize directors to implement it

 

737,039,337

(99.86%)

1,061,000

(0.14%)

Passed

2.   To approve, ratify and confirm the Merger and related transactions, and to authorize directors to implement them

 

737,007,337

(99.86%)

1,061,000

(0.14%)

Passed

H Share Class Meeting

To approve the Privatization, and to authorize directors to implement them

 

679,091,639

(99.85%)

1,031,000

(0.15%)

Passed

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 centralized 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.

Issued by Cornerstones Communications Ltd. on behalf of Hunan Nonferrous.

Source: Hunan Nonferrous
Related Stocks:
HongKong:2626
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