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Jinshan Energy Shares Announcement &Nbsp; Will Acquire Triumph&Nbsp; Fund60% Stake

2010/11/5 16:00:00 62

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In November 5th,

Jinshan energy shares

00663.HK (hereinafter referred to as Jinshan energy) resumed and announced that the company will purchase Target Corp Triumph Fund60% at a cost of HK $3 billion 540 million.

stock right

The Target Corp holds the interests of 93% and 98% of the two coal mines in Shuozhou, Shanxi.

When the acquisition is completed, Jinshan energy can be incorporated into the company's financial statements by holding the shares of the seller's company through the Target Corp's performance.

According to the agreement, this time

Acquisition of shares

The total amount is HK $3 billion 540 million, and Jinshan energy must be granted to the seller through three ways of payment.

Among them, cash should be paid in HK $1 billion 200 million. The company paid the seller's gold 180 million in September 27th this year. The rest will be deposited in the seller's designated bank account at the time of completion of the purchase, and the total amount of HK $1 billion 391 million will be paid through the five year zero interest convertible bond. The remaining part will be sold to the seller or its nominee at the cost of HK $0.20 per share at the time of completion of the purchase, and the 4 billion 747 million shares will be paid at the cost of the completion of the purchase, and the final HK $949 million will be indirectly paid.

In addition to the acquisition, the seller and the buyer made a subscription option agreement in October 21st on the seller's granting of the buyer's option.

Accordingly, the buyer will have the right to purchase a maximum of 40% of the issued share capital of the Target Corp Triumph Fund within nine months from the date of completion of the purchase by giving the option notice to the seller, and the total price of the call option will be HK $2 billion 360 million.

It is understood that the signing of the sale agreement is a wholly owned subsidiary of Triumph Fund company, and Target Corp Triumph Fund has the actual control.

The Target Corp is currently being reorganized. After the reorganization and integration is completed, Target Corp will be indirectly owned by the Shanxi Shanyin peony flower Coal Industry Co., Ltd. and Shanxi Shuozhou unitary Coal Industry Co., Ltd., respectively, with a total interest of about 95% and 100% respectively, while the two coal mines purchased by Jinshan energy will be owned by the two companies.

The two coal mines are located in Shanyin County, Shuozhou City, Shanxi province. After preliminary assessment, the coal mine a and B calculated and controlled reserves in accordance with the JORC guidelines amounted to about 2.53 million tons, and the estimated total recoverable capacity was 89 million tons, with an annual approved capacity of 2 million 400 thousand tons.

The Target Corp has two coal mines whose mining licenses are valid for two years, and the profits for the next two years are guaranteed not less than HK $1 billion 700 million.

Jinshan energy officially entered the coal industry after buying Ordos Hengtai coal limited company in December 21, 2009.

Hengtai Coal Co., Ltd. has two coal mines in Ordos City, Inner Mongolia, China. The annual production capacity of each coal mine is 1 million 200 thousand tons per year.

Through the advocacy of the market and customer concept as the central business philosophy, Jinshan energy grew rapidly, and in the first half of 2010, it has already turned a deficit into profit. Coal business revenue has risen more than nine times.