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Court approves Perilya takeover

9th December 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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JOHANNESBURG (miningweekly.com) – The Australian Federal Court has approved the scheme of arrangement between ASX-listed Perilya and major shareholder Shongjin Lingnan Mining.

The 35c-a-share offer has previously been approved by the Chinese watchdog, the Guandong Development and Reform Commission and carries the backing of Perilya’s board.

Zhongjin has previously expressed its commitment to continue Perilya’s current operations in Australia and the Dominican Republic and to use its financial strength to underpin the takeover target’s investment and development plans.

The Chinese company would not only look to maintain the operations, but also to expand them where possible, while retaining all key personnel at both operating locations.

The scheme would now become effective once a copy of the Federal Court orders were lodged with the Australian Securities and Investment Commission, which was expected on Monday.

Edited by Creamer Media Reporter

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