GNM approved for acquiring Rey ResourcesAugust 12th, 2009 - 3:34 pm ICT by IBNS
Kolkata, Aug 12 (IBNS) Gujarat NRE Minerals Limited (GNM), an Australian Subsidiary of Gujarat NRE Coke Limited plans of an off market takeover to acquire entire shares of Rey Resources Limited (REY) has received a big boost on its receiving no-objection from the Australian Government under the Foreign Acquisition and Takeovers Act, 1975.
This was one of the preconditions set by GNM while making the bid, which has been satisfied with the company getting the approval for acquiring up to 100% of the shares in Rey Resources Ltd.
The shareholders will receive one GNM share for every five REY shares or 9 cents (AUD) for each REY share held by them. Additionally, REY shareholders accepting GNMs scrip will benefit from the combined group’s exposure to a pure play coal company with hard coking coal producing mines as well as REY’s thermal coal exploration projects.
REY owns Coal, Oil and Gas Tenements covering large area in Canning Basin of Western Australia. REY has 500 million tonnes of coal resources that have potential for medium to large scale development, as well as base metal properties in South America.
There is great synergy in this takeover because the combined assets of GNM and REY will be a major value driver for the shareholders of the combined entity (GNM and REY).
Arun Kumar Jagatramka, Chairman and Managing Director of Gujarat NRE Coke Limited said: “As such the takeover of REY will provide access to additional 500 Million Tonnes of thermal coal resources and coal gas methane and establish the Group as a complete coal resources company and enhance its overall value.
Gujarat NRE Coke is the largest independent producer of Met Coke in India having production capacity of over 1 Million MT and has undertaken plans to set up plants for producing 1.25 Million MT in the States of Karnataka and Andhra Pradesh.
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Tags: arun kumar, australian subsidiary, canning basin, coal company, coal exploration projects, coal gas, coal oil, coal resources, coking coal, combined group, foreign acquisition and takeovers act, gas methane, gujarat nre coke, ibns, independent producer, preconditions, resources company, resources limited, tenements, thermal coal