Hanlong and Bannerman still in takeover discussions
- Publishing Date
- 27 Sep 2011 12:43pm GMT
- Author
- Mining Journal
Australia’s Bannerman Resources Ltd said that discussions were continuing over Hanlong Mining Investment Ltd’s proposed A$144 million takeover of the company despite allegations of insider trading against executives of the Chinese firm.
Bannerman advised that the recent action by the Australian Securities and Investments Commission (ASIC) involving the Australian-based employees “had not diminished” Hanlong’s interest in an acquisition.
The company added that “Hanlong’s due diligence investigations are ongoing but well progressed” and the two parties had “agreed to advance their discussions in the coming weeks”.
Bannerman surged 36% higher in today’s trading on the Australian Securities Exchange following the release of this announcement.
Hanlong’s proposed takeover of the uranium company (and also that of Australia’s Sundance Resources Ltd) was placed in jeopardy earlier this month when ASIC revealed the executives faced insider-trading allegations.
Bannerman advised that the recent action by the Australian Securities and Investments Commission (ASIC) involving the Australian-based employees “had not diminished” Hanlong’s interest in an acquisition.
The company added that “Hanlong’s due diligence investigations are ongoing but well progressed” and the two parties had “agreed to advance their discussions in the coming weeks”.
Bannerman surged 36% higher in today’s trading on the Australian Securities Exchange following the release of this announcement.
Hanlong’s proposed takeover of the uranium company (and also that of Australia’s Sundance Resources Ltd) was placed in jeopardy earlier this month when ASIC revealed the executives faced insider-trading allegations.
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