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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Caledon Res. | LSE:CDN | London | Ordinary Share | GB00B1GJZT14 | ORD 0.5P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 111.25 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 111.25 | GBX |
Caledon Resources (CDN) Share Charts1 Year Caledon Resources Chart |
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1 Month Caledon Resources Chart |
Intraday Caledon Resources Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 25/4/2012 | 00:48 | New CDN BB | 4,630 |
| 27/9/2011 | 10:01 | CDN bounce to 14.50? | 7 |
| 25/8/2011 | 08:18 | Caledon Resources Coal PRODUCER. | 21,286 |
| 01/7/2010 | 08:55 | CDN shareholders a call to arms | 16 |
| 12/5/2010 | 19:56 | CALEDON AND THE BOYS IN DARK GLASSES | 1,011 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
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Posted at 05/8/2011 10:54 by skweaker Well, at least the CDN price is holding up pretty well!! Who'd have guessed the long drawn out saga of the takeover would end up saving us money... |
Posted at 25/7/2011 22:44 by spights Caledon Resources: long awaited acquisition by GRAM approved - 4:23 pm by Giles Gwinnett A deal was initially struck with the Chinese firm last November and the transaction was finalised last month, after it received the official sign-off in the People's Republic The long-awaited acquistion of Caledon Resources (LON:CDN) for cash by chinese firm GRAM, one of the largest state owned enterprises - was approved today. Shareholders approved the deal in a vote today. A deal was initially struck with the Chinese firm last November and the transaction was finalised last month, after it received the official sign-off in the People's Republic. Caledon shareholders will receive £1.12 in cash for each share and the acquisition values the firm at around £313.1 million. It represents a premium of about 34 per cent of the closing Caledon share price on 5 November last year (83.75 pence) - the last day of business before the offer was made - and 100 percent of the closing price of Caledon shares on 16 September 2010 - the last business day before the offer period. The last day of dealings in Caledon shares will be on August 24, said the company |
Posted at 06/6/2011 22:33 by spights Caledon Resources schedules AGM6 June 2011 | 15:01pm StockMarketWire.com - Caledon Resources' annual general meeting will be held at the offices of Nabarro LLP, Lacon House, 84 Theobald's Road, London WC1X 8RW, on 29 June at 10.30 a.m. At 3:01pm: (LON:CDN) Caledon Resources share price was 0p at 104p |
Posted at 14/1/2011 12:01 by soundbuy FT AV some commentNH I have some comment on Caledon NH for those interestedCaledon Resources PLC (CDN:LSE): Last: 93.75, up 0.25 (+0.27%), High: 95.00, Low: 93.00, Volume: 459.04k BE Someone was. I forget who. NH from a sector watcher NH I think ROK was interested I had a slight panic attack yesterday morning when Caledon Resources went to the market to raise £48.6mn at 90p/share. I didn't anticipate the move during a closed period with the Guandong Rising (GRAM) bid looming to go firm at 112p/share. The more I thought about it though, the more sense it made and the market clearly took it extremely well. The funds were utilized to repay the debt due to Polo Resources. The market had wanted this for quite some time, and Polo had never really felt comfortable with being a lending bank to Caledon. They have maintained their 29.9% shareholding thus swapping debt for equity, a clear vote of confidence in the share price. The rest of the money has been raised to fund obligations relating to the Wiggins Island port and to give the company a strong working capital position. This gives the company a strong and clean balance sheet giving them a firmer hand in its negotiations with potential suitors. My conversation with Peter Seear recently indicated that while the mine at Cooke was unaffected by the flooding in Queensland, getting crews to-and-from the site was difficult, and getting the coal that has been produced out on the rail line was a non-starter. Caledon is producing, but they can't move it and they can't sell it. All this activity has been with the consent of GRAM, so as far as everybody is concerned, the interest is still very much there, we just await a firm bid. The fact that the placing was over-subscribed and introduced a number of new institutional shareholders into Caledon means 90p is now a new floor in the share price. The potential return is 20%, the best risk-arb spread currently on offer in the market Polo Resources have issued an investment update this morning with an updated NAV of 7.06pence. The shares closed last night at 4.88p a discount of 44.67%. You can see the full RNS on your screens, but the two main holding are Caledon and GCM Resources. If Caledon is taken out soon, then Polo will be sitting on another cash pile. They paid a special dividend out last year which proved very popular. It is unclear where the group would wish to invest moving forward, having focused so far on coal and uranium. It has to me point worth making, but every investment these guys undertaken has returned a profit. That discount has drifted out from around 30% a couple of months ago. That is a more typical discount for a holding company structure, this is too cheap. |
Posted at 14/1/2011 07:16 by spights Investment Update Share this article TIDMPOL TIDMCDN RNS Number : 4616Z Polo Resources Limited 14 January 2011 14 January 2011 Polo Resources Limited ("Polo Resources", "Polo" or "the Company") Investment Update Polo Resources Limited (AIM and TSX: POL), announces an update on its investments and Net Asset Value ("NAV") per share as at 31 December 2010. NAV per ordinary share: 7.06 pence1-5 The Company's issued share capital consists of 2,364,678,955 ordinary shares of no par value each. None of these ordinary shares are held in Treasury. The fully diluted share capital of the Company consists of 2 380,678,955 ordinary shares. As at 31 December 2010, Polo's investment portfolio as a percentage of NAV comprises the following: Listed Investments ==================== Caledon Resources plc Ordinary Shares 37% ==================== GCM Resources plc Ordinary Shares 24% ==================== Debt Investments ==================== Caledon Resources plc 8.5% Convertible Loan Notes @ 47.5p 3% ==================== Caledon Resources plc Loan Advance 9% ==================== Caledon Resources plc Loan Advance 2% ==================== Non Listed Investments ==================== Ironstone Resources Limited 3% ==================== Other Investments 5% ==================== Net cash and other receivables 17% ==================== Note: 1. Share prices as at 31 December 2010. 2. Per share figures based on fully diluted ITM shares at a closing price of 5.04 pence per Polo share. 3. Caledon 8.5% GBP2.5 million assumed converted into shares where share price exceeds the conversion price. 4. Caledon loan advance plus facility fee repayable by 28 February 2011. 5. Unaudited net asset value per share as at 31 December 2010. The NAV at 31st December 2010 would be restated to 7.43 pence on the basis that the indicated offer price of GBP1.12p by Guangdong Rising (GRAM) had become unconditional. Update on Investments During December 2010 the Company made a C$8 million investment in Ironstone Resources Limited ("Ironstone"), a private Canadian company which owns the Clear Hills Iron Ore/Vanadium Project ("Clear Hills") in Alberta, Canada. Clear Hills currently has a resource of 203 million tonnes of iron ore at a grade of 33% designated under Canadian National Instrument 43-101 (NI 43-101). Historic work (pre NI 43-101) in the 1950's estimated a resource of over 1 billion tonnes of iron ore at Clear Hills thus providing a good opportunity for Ironstone to increase its NI 43-101 resource significantly through its planned drilling campaign over the next few months. In addition Ironstone is due to extract a 20,000 tonne bulk sample as feed for a pilot plant later in the year as part of its work towards a feasibility study on Clear Hills. The project has also demonstrated significant vanadium by-product and gold assays in recent core samples suggesting the potential for further credits from those commodities. Caledon Resources plc ("Caledon") On 13 January 2011 Polo announced that it has agreed to subscribe for such number of new ordinary shares of Caledon at 90p per share in the second tranche of a conditional placing (the "Placing") as will result in Polo holding 29.9per cent of the enlarged issued share capital of Caledon. Closing of the Placing is conditional upon the passing of certain shareholders resolutions to be proposed at a general meeting of Caledon. Repayment of loans of GBP14.5 million and AUS$4 million due from Caledon to Polo on 28 February 2011, together with associated fees, costs and interest, will be set off against the amount due from Polo to Caledon under the Placing. Polo will subscribe for 21,226,324 shares in the placing resulting in a net outlay by Polo after set off, of approximately GBP750,000. Following the successful conclusion of the conditional placing, Polo will hold 83,311,521 shares in Caledon. It is expected that the Placing will close on or about 4 February 2011. GCM Resources plc ("GCM") GCM continues to cement relationships with the key players within the Bangladesh Government and there is almost universal acceptance that coal has a unique role to play in meeting the country's energy requirements. Similarly, it is now accepted that open pit mining is the only feasible means of delivering the volumes of coal required in an economically, socially and environmentally acceptable way. The Phulbari Coal Project is the only coal project in the country that has been subject to a full social and environmental impact assessment and feasibility study and so this is the only project for which the economics and timetable to development are known with any certainty. Management believe it would take at least two years to bring one of the other potential projects in the country to this stage. Other Investments During the six months ending 31st December 2010, Polo made several listed and non listed investments in respect of which unaudited gains of GBP1.2 million were realised and GBP700,000 were unrealised at the period end. Polo is continuously seeking to identify undervalued investment opportunities both for short term and long term investment in accordance with its stated investment policy. Contacts: |
Posted at 13/1/2011 16:38 by marben100 Agreed legit - cannot imagine that this will require complete reapproval. Considering the debt reduction/cash increase resulting, GRAM's overall price, net of cash/debt, will not be substantially different (slightly worse, but not much).Spights - yup, it's about time Caledon got that debt sorted out. As I mentioned before, it's been a sword of Damocles hanging over the share price With that risk removed and with strong coal prices, I cannot see the share price collapsing back below 50p, even if the GRAM bid doesn't go through. As long as the floods don't disrupt the Blackwater line for TOO long, 2011 should be a highly profitable year for Caledon. Cheers, Mark |
Posted at 13/1/2011 14:47 by spights RNS Number : 4381ZCaledon Resources PLC 13 January 2011 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION Caledon Resources plc ("Caledon" or the "Company") (AIM:CDN, ASX:CCD) Placing to raise £48.6 million / A$76.7 million Highlights · Conditional Placing to raise a total of £48.6 million (approximately A$76.7 million) before expenses; · The Placing Price of 90p represents a discount of 5.6 per cent. to the average closing price of the Ordinary Shares on AIM for the five business days up to and including 12 January 2011 and a discount of 3.2 per cent. to the closing price of the Ordinary Shares on AIM on 12 January 2011, the latest date prior to the date of this announcement; · Funds to be utilised for repayment of debt due to Polo Resources Limited ("Polo"), working capital issues caused by flooding in the Queensland region and potential development funding obligations; · Subject to completion of the Placing, Polo debt due 28 February 2011 to be repaid in full and Polo to hold 29.9 per cent. of the enlarged issued share capital; · Consent to undertake placing received from Guangdong Rising Assets Management Co. Limited ("GRAM"); and · RBC Capital Markets ("RBC") acted as sole bookrunner for the Placing. Commenting on the Placing, Mark Trevan, Managing Director of Caledon, said: "The proceeds from this placement enable the Company to discharge the loan obligations to Polo Resources and associated security over Minyango and significantly strengthen our balance sheet at a time when resumption of railings from the Cook mine, and therefore sales, remains uncertain. While the flooding continues to impact the railroad, it is pleasing to report that many of our employees are now able to return to work, and operations at the mine itself are starting to return to normal. We have been fortunate that the Cook mine has not been structurally or geologically affected by the floods and anticipate a reasonably quick recovery to normal capacity once Queensland Rail is fully back in operation." Mr Li Jinming, Chairman of GRAM said: "GRAM remains committed to working with Caledon to complete the Potential Acquisition and continues to be actively engaged with Chinese regulators in the approval process." Introduction The directors of Caledon ("Directors") are pleased to announce that it has received commitments from institutional investors to subscribe for 54,000,000 new ordinary shares of 0.5 pence each in the capital of the Company ("Ordinary Shares") and where CHESS Depositary Interests ("CDIs") are issued, CDIs in respect of such Ordinary Shares quoted on the Australian Stock Exchange ("ASX"), at a price of £0.90 or A$1.42 per new Ordinary Share ("Placing Price") (together, the "Placing Shares") (all together, the "Placing"). The net proceeds of the Placing after allowing for the expenses of the issue are expected to be £46.0 million (approximately A$72.6 million). It is anticipated that the net proceeds will be used to: · repay approximately £17.9 million of loans (including accrued interest and associated fees and expenses) due to Polo; · provide working capital to cater for business interruptions caused by flooding in the Queensland region; and · meet the Company's funding obligations for the Wiggins Island Coal Export Terminal prior to the project's financial close scheduled for April 2011. It is intended that completion of the placing of approximately £15.2 million (approximately A$23.9 million) (16,847,577 new Ordinary Shares ("First Tranche Placing Shares")) will take place next week with admission of the new Ordinary Shares to trading on AIM ("Admission") on or around 19 January 2011 and of CDIs on ASX on 20 January 2011. Completion of the placing of the remaining £33.4 million (approximately A$52.8 million) (37,152,423 new Ordinary Shares ("Second Tranche Placing Shares")) is subject to, inter alia, shareholder approval of certain resolutions to be proposed at the general meeting to be held on 3 February 2011 ("GM"). Admission of the new Ordinary Shares to trading on AIM and of CDIs on ASX is anticipated to be on 4 February 2011 and 7 February 2011 respectively. |
Posted at 13/12/2010 10:04 by spights TIDMCDN RNS Number : 7657V Caledon Resources PLC 08 November 2010 ? NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION This is an announcement falling under Rule 2.4 of the City Code and does not constitute an announcement of a firm intention to make an offer or to pursue any other transaction under Rule 2.5 of the City Code. Accordingly, Caledon Shareholders are advised that there can be no certainty that a formal offer for Caledon will be forthcoming, even in the event that the pre-conditions in this announcement are satisfied or waived. FOR IMMEDIATE RELEASE 8 November 2010 Possible Cash Acquisition of Caledon Resources plc ("Caledon") by Guangdong Rising (Australia) Pty Ltd ("Bidco") a wholly owned indirect subsidiary of Guangdong Rising Assets Management Co., Ltd ("GRAM") expected to be implemented by means of a scheme of arrangement under sections 895 to 899 of the Companies Act 2006 1. Introduction The directors of Bidco, GRAM and Caledon are pleased to announce that agreement in principle has been reached with GRAM on the terms of a Possible Acquisition of Caledon by Bidco, a wholly owned indirect subsidiary of GRAM, which if made is expected to be effected by means of a scheme of arrangement under sections 895 to 899 of the Act. GRAM reserves the right to implement any Acquisition through another wholly owned subsidiary if it so chooses. The pre-conditions set out in paragraph 3 below will be required to be satisfied or waived prior to any Acquisition proceeding. If Bidco does elect to make an announcement of a firm intention to proceed with an Acquisition under Rule 2.5 of the City Code, such Acquisition is expected to be effected by way of the Scheme. This announcement is made under Rule 2.4 of the City Code and does not constitute an announcement of a firm intention to make an offer or to pursue any other transaction under Rule 2.5 of the City Code. Accordingly, Caledon Shareholders are advised that there can be no certainty that a formal offer for Caledon by GRAM or Bidco will be forthcoming, even in the event that the pre-conditions set out in paragraph 3 below are satisfied or waived. 2. The Possible Acquisition If the Acquisition proceeds, Caledon Shareholders and CDI Holders would receive: +------------------- | for each issued and to be issued | GBP1.12 in cash | | Caledon Share or CDI | | +------------------- The Possible Acquisition would value the entire existing issued share capital of Caledon at approximately GBP251.6 million (as at 5 November 2010) and would represent a premium of: � approximately 34 per cent. to the Closing Price of Caledon Shares of 83.75 pence on AIM on 5 November 2010 (being the last Business Day immediately prior to the date of this announcement); and � approximately 53 per cent to the volume weighted average price of Caledon Shares on AIM for the 20-trading day period ending on 5 November 2010 of 73.16 pence. Any offer for Caledon would be subject to terms and conditions customary for a recommended offer subject to the City Code. The Caledon Directors, who have been so advised by RBC Capital Markets, have indicated that they are supportive of the Possible Acquisition. In providing advice to the Caledon Directors, RBC Capital Markets has taken into account the Caledon Directors' commercial assessment of the Possible Acquisition. GRAM has granted Ord River Resources Limited ("Ord") a conditional option over an interest in Caledon in connection with the Possible Acquisition. The details of this option are set out in paragraph 4 below. Commenting on the Possible Acquisition, Mr Li Jinming, Chairman of GRAM said: "We are delighted to announce the proposed acquisition of Caledon, which, if it proceeds, would be a significant step forward in the implementation of GRAM's strategy of expanding its resource focused investment activities. We are looking forward to working with Caledon's management and employees to finalise this proposed acquisition and subsequently provide the necessary investment to substantially expand production in the years ahead." Commenting on the Possible Acquisition, Mark Trevan, Managing Director of Caledon said: "We believe the proposed acquisition of Caledon would be positive for our shareholders and our employees. If the Acquisition proceeds, Caledon Shareholders and CDI Holders would receive, in cash, a very significant premium to Caledon's recent share price and GRAM's commitment to growing the business would provide our employees with the opportunities that come with being part of a much larger organisation." 3. Pre-conditions to the announcement of a firm offer Proceeding to any announcement by GRAM or Bidco of a firm intention to make an offer for Caledon pursuant to Rule 2.5 of the City Code, is subject to satisfaction or waiver of the following pre-conditions: i. the unanimous recommendation of the board of Caledon of the terms of any such offer, having been advised by RBC Capital Markets that the terms of such an offer are fair and reasonable; ii. the receipt of all necessary approvals from regulatory authorities in China relating to the Possible Acquisition, including the following: o project approval for outbound investment from the National Development and Reform Commission of China on behalf of the State Council; o project approval for outbound investment from the State-owned Assets Supervision and Administration Commission on behalf of the State Council; o approval for outbound investment from Ministry of Commerce of China; and o approval for the remittance of foreign exchange out of China from the State Administration of Foreign Exchange of China; and iii. finalisation by GRAM of the terms of its financing for the Possible Acquisition. GRAM expects to be in a position to satisfy or waive these pre-conditions not later than 31 December 2010. GRAM reserves the right to waive any of these pre-conditions, but even if all of these pre-conditions are satisfied or waived, there can be no certainty that a firm offer will be forthcoming. 4. Information on GRAM, Bidco and other concert parties GRAM GRAM is one of the largest state-owned enterprises in China, supervised by the State-owned Assets Supervision and Administration Commission of Guangdong Provincial People's Government. GRAM is a Chinese investment group, with investments in a range of listed and unlisted entities across a wide range of sectors, including non-ferrous metals, technology, hotels and construction. Within its portfolio of investments, GRAM is the second largest shareholder of China Telecom Co., Ltd, and the controlling shareholder of two Chinese listed companies, Zhongjin Lingnan Nonfemet Co., Ltd and Guangdong Fenghua Advanced Technology (Holding) Co., Ltd. GRAM also has a controlling stake in Guangdong Rising Nonferrous Metal Co., Ltd which is also a Chinese listed company. GRAM has recently been active in the mining sector having acquired a 19.9 per cent interest in PanAust Limited, an ASX listed copper and gold mine operator for A$215 million in 2009. Zhongjin Lingnan Nonfemet Co., Ltd acquired a 50.1 per cent interest in Perilya Limited, an ASX listed lead and zinc mine operator for A$45 million in 2009. As of 31 December 2009, GRAM had consolidated total assets of RMBJPY53.2 billion (approximately GBP4.8 billion), and had a net profit for the year ended 31 December 2009 of RMBJPY1.0 billion (approximately GBP94 million). GRAM's current intention is to finance any Acquisition through a combination of its existing cash resources and existing and new bank facilities. Bidco Bidco is a newly incorporated company in Australia formed for the purpose of potentially making the Acquisition. The sole shareholder of Bidco is Guangdong Rising (Australia) Holding Pty Ltd, ultimately a wholly owned subsidiary of GRAM. Ord Ord is a public company listed on ASX (trading symbol ORD.AX). Ord is a minerals exploration and development company with projects in copper, bauxite and gold. Its strategy is to grow by acquiring prospective precious and base metals tenements; exploring, appraising, then developing and, in time, mining gold and base metals. Ord's projects include the Copper Flats Project, Suplejack Project and the Laos Bolaven Plateau Bauxite Project. The Laos Bolaven Plateau Bauxite Project focuses on bauxite resource on the Bolaven plateau in southern Laos over an aggregate area of 487 square kilometres. The Laos Bolaven Plateau Bauxite Project is being developed through Sino Australian Resources (Laos) Co., Ltd (SARCO). The Copper Flats Project focuses on copper anomalies in the East Kimberley area in Western Australia (WA) and the Northern Territory (NT). Ord has advised GRAM in relation to the Possible Acquisition. Arrangements between Ord and GRAM In connection with the Possible Acquisition, GRAM has granted Ord an option to purchase an interest of between 5 and 10 per cent. in Caledon at the price paid by GRAM at the time of the completion of the Possible Acquisition. 5. Information on Caledon Caledon is a public company admitted to trading on AIM and listed on the ASX (trading symbols: AIM:CDN and ASX:CCD). Caledon is a coking coal producer and explorer in the Bowen Basin of Queensland, Australia. It acquired the mothballed Cook mine in late 2006 and has since recommissioned the operation and introduced |
Posted at 08/12/2010 22:05 by spights Warm sun old news...the end of Dec we should hear at the latest one way or the other.....TIDMCDN RNS Number : 7657V Caledon Resources PLC 08 November 2010 ? NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION This is an announcement falling under Rule 2.4 of the City Code and does not constitute an announcement of a firm intention to make an offer or to pursue any other transaction under Rule 2.5 of the City Code. Accordingly, Caledon Shareholders are advised that there can be no certainty that a formal offer for Caledon will be forthcoming, even in the event that the pre-conditions in this announcement are satisfied or waived. FOR IMMEDIATE RELEASE 8 November 2010 Possible Cash Acquisition of Caledon Resources plc ("Caledon") by Guangdong Rising (Australia) Pty Ltd ("Bidco") a wholly owned indirect subsidiary of Guangdong Rising Assets Management Co., Ltd ("GRAM") expected to be implemented by means of a scheme of arrangement under sections 895 to 899 of the Companies Act 2006 1. Introduction The directors of Bidco, GRAM and Caledon are pleased to announce that agreement in principle has been reached with GRAM on the terms of a Possible Acquisition of Caledon by Bidco, a wholly owned indirect subsidiary of GRAM, which if made is expected to be effected by means of a scheme of arrangement under sections 895 to 899 of the Act. GRAM reserves the right to implement any Acquisition through another wholly owned subsidiary if it so chooses. The pre-conditions set out in paragraph 3 below will be required to be satisfied or waived prior to any Acquisition proceeding. If Bidco does elect to make an announcement of a firm intention to proceed with an Acquisition under Rule 2.5 of the City Code, such Acquisition is expected to be effected by way of the Scheme. This announcement is made under Rule 2.4 of the City Code and does not constitute an announcement of a firm intention to make an offer or to pursue any other transaction under Rule 2.5 of the City Code. Accordingly, Caledon Shareholders are advised that there can be no certainty that a formal offer for Caledon by GRAM or Bidco will be forthcoming, even in the event that the pre-conditions set out in paragraph 3 below are satisfied or waived. 2. The Possible Acquisition If the Acquisition proceeds, Caledon Shareholders and CDI Holders would receive: +------------------- | for each issued and to be issued | GBP1.12 in cash | | Caledon Share or CDI | | +------------------- The Possible Acquisition would value the entire existing issued share capital of Caledon at approximately GBP251.6 million (as at 5 November 2010) and would represent a premium of: � approximately 34 per cent. to the Closing Price of Caledon Shares of 83.75 pence on AIM on 5 November 2010 (being the last Business Day immediately prior to the date of this announcement); and � approximately 53 per cent to the volume weighted average price of Caledon Shares on AIM for the 20-trading day period ending on 5 November 2010 of 73.16 pence. Any offer for Caledon would be subject to terms and conditions customary for a recommended offer subject to the City Code. The Caledon Directors, who have been so advised by RBC Capital Markets, have indicated that they are supportive of the Possible Acquisition. In providing advice to the Caledon Directors, RBC Capital Markets has taken into account the Caledon Directors' commercial assessment of the Possible Acquisition. GRAM has granted Ord River Resources Limited ("Ord") a conditional option over an interest in Caledon in connection with the Possible Acquisition. The details of this option are set out in paragraph 4 below. Commenting on the Possible Acquisition, Mr Li Jinming, Chairman of GRAM said: "We are delighted to announce the proposed acquisition of Caledon, which, if it proceeds, would be a significant step forward in the implementation of GRAM's strategy of expanding its resource focused investment activities. We are looking forward to working with Caledon's management and employees to finalise this proposed acquisition and subsequently provide the necessary investment to substantially expand production in the years ahead." Commenting on the Possible Acquisition, Mark Trevan, Managing Director of Caledon said: "We believe the proposed acquisition of Caledon would be positive for our shareholders and our employees. If the Acquisition proceeds, Caledon Shareholders and CDI Holders would receive, in cash, a very significant premium to Caledon's recent share price and GRAM's commitment to growing the business would provide our employees with the opportunities that come with being part of a much larger organisation." 3. Pre-conditions to the announcement of a firm offer Proceeding to any announcement by GRAM or Bidco of a firm intention to make an offer for Caledon pursuant to Rule 2.5 of the City Code, is subject to satisfaction or waiver of the following pre-conditions: i. the unanimous recommendation of the board of Caledon of the terms of any such offer, having been advised by RBC Capital Markets that the terms of such an offer are fair and reasonable; ii. the receipt of all necessary approvals from regulatory authorities in China relating to the Possible Acquisition, including the following: o project approval for outbound investment from the National Development and Reform Commission of China on behalf of the State Council; o project approval for outbound investment from the State-owned Assets Supervision and Administration Commission on behalf of the State Council; o approval for outbound investment from Ministry of Commerce of China; and o approval for the remittance of foreign exchange out of China from the State Administration of Foreign Exchange of China; and iii. finalisation by GRAM of the terms of its financing for the Possible Acquisition. GRAM expects to be in a position to satisfy or waive these pre-conditions not later than 31 December 2010. GRAM reserves the right to waive any of these pre-conditions, but even if all of these pre-conditions are satisfied or waived, there can be no certainty that a firm offer will be forthcoming. 4. Information on GRAM, Bidco and other concert parties GRAM GRAM is one of the largest state-owned enterprises in China, supervised by the State-owned Assets Supervision and Administration Commission of Guangdong Provincial People's Government. GRAM is a Chinese investment group, with investments in a range of listed and unlisted entities across a wide range of sectors, including non-ferrous metals, technology, hotels and construction. Within its portfolio of investments, GRAM is the second largest shareholder of China Telecom Co., Ltd, and the controlling shareholder of two Chinese listed companies, Zhongjin Lingnan Nonfemet Co., Ltd and Guangdong Fenghua Advanced Technology (Holding) Co., Ltd. GRAM also has a controlling stake in Guangdong Rising Nonferrous Metal Co., Ltd which is also a Chinese listed company. GRAM has recently been active in the mining sector having acquired a 19.9 per cent interest in PanAust Limited, an ASX listed copper and gold mine operator for A$215 million in 2009. Zhongjin Lingnan Nonfemet Co., Ltd acquired a 50.1 per cent interest in Perilya Limited, an ASX listed lead and zinc mine operator for A$45 million in 2009. As of 31 December 2009, GRAM had consolidated total assets of RMBJPY53.2 billion (approximately GBP4.8 billion), and had a net profit for the year ended 31 December 2009 of RMBJPY1.0 billion (approximately GBP94 million). GRAM's current intention is to finance any Acquisition through a combination of its existing cash resources and existing and new bank facilities. Bidco Bidco is a newly incorporated company in Australia formed for the purpose of potentially making the Acquisition. The sole shareholder of Bidco is Guangdong Rising (Australia) Holding Pty Ltd, ultimately a wholly owned subsidiary of GRAM. Ord Ord is a public company listed on ASX (trading symbol ORD.AX). Ord is a minerals exploration and development company with projects in copper, bauxite and gold. Its strategy is to grow by acquiring prospective precious and base metals tenements; exploring, appraising, then developing and, in time, mining gold and base metals. Ord's projects include the Copper Flats Project, Suplejack Project and the Laos Bolaven Plateau Bauxite Project. The Laos Bolaven Plateau Bauxite Project focuses on bauxite resource on the Bolaven plateau in southern Laos over an aggregate area of 487 square kilometres. The Laos Bolaven Plateau Bauxite Project is being developed through Sino Australian Resources (Laos) Co., Ltd (SARCO). The Copper Flats Project focuses on copper anomalies in the East Kimberley area in Western Australia (WA) and the Northern Territory (NT). Ord has advised GRAM in relation to the Possible Acquisition. Arrangements between Ord and GRAM In connection with the Possible Acquisition, GRAM has granted Ord an option to purchase an interest of between 5 and 10 per cent. in Caledon at the price paid by GRAM at the time of the completion of the Possible Acquisition. |
Posted at 05/11/2010 14:54 by warmsun If I was going to make a bid for a company, then I would (however it is done!) want to keep a lid on the share price for a while so as when i made my bid the bid price was at a nice premium to the current share price (if you follow?)....so, my guess is, is that a lid is being kept on the share price ....imho...dyor etc etc.....after all, what do I know (on past investment 'success'...... very little!)???? gla |
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