Hanlong misses another deadline in Sundance takeover
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.
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