https://www.miningweekly.com

Hanlong misses another deadline in Sundance takeover

4th April 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – China’s Hanlong Mining has missed another deadline in its proposed takeover of ASX-listed Sundance Resources, after the company failed to pay the A$5-million tranche-two funding, required under the convertible note facility.

Sundance said on Thursday that it had issued a demand notice to Hanlong, under which the suitor had until April 8 to pay the second tranche of funding.

The proposed A$1.38-billion takeover of Sundance has been buckled by Hanlong’s inability to secure a credit-approved term sheet, which was one of the conditions under the proposed scheme implementation agreement.

The two companies entered into a five-day good faith consultation period, which concluded on April 3.

As April 4 and April 5 were public holidays in China, either party now had the option to terminate the takeover deal within the next ten business days, starting on April 8.

Sundance told shareholders that it had met with Hanlong representatives, and noted that all the parties remained in incomplete and confidential discussions.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

CSIR International Convention Centre (CSIR ICC)
CSIR International Convention Centre (CSIR ICC)

CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.

VISIT SHOWROOM 
Hanna Instruments (Pty) Ltd
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.057 1.036s - 122pq - 2rq
Subscribe Now