Gurajat NRE Minerals gets NoC to aquire Rey Resources
BS Reporter / Kolkata Aug 13, 2009, 00:58 IST
Gujarat NRE Minerals Limited (GNM), an Australian Subsidiary of Gujarat NRE Coke Limited, has received a no-objection from the Australian Government under the Foreign Acquisition and Takeovers Act, 1975 for an off-market takeover to acquire entire shares of Rey Resources Limited (REY). 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 per cent 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 the potential for medium to large scale development, as well as base metal properties in South America.
Content Guide
