FerrAus Limited (ASX:FRS) Update On Wah Nam International Holdings Limited (HKG:0159) Takeover And A$35 Million Placement Settlement
As previously indicated to the market, the Placement will be a defeating condition of the Takeover Offer. However, Wah Nam announced overnight that Wah Nam Australia:
i. does not intend to rely on this defeating condition of the Takeover Offer;
ii. is seeking ASIC relief to extend the Takeover Offer to the new Placement shares and such extension requires the approval of Wah Nam shareholders; and
iii. intends to extend the Takeover Offer to 15 March 2011.
As a result of Wah Nam's announcement, FerrAus has delayed settlement of the Placement pending a determination by ASIC on the above relief.
FerrAus has advised ASIC that it does not object to the grant of relief on appropriate terms.
FerrAus will update the market on developments by latest Monday, 7 February 2011.
About Ferraus Limited
FerrAus Limited has been delisted from the Australian Securities Exchange following its acquisition by Atlas Iron Limited. For all enquiries please visit the Atlas Iron website at www.AtlasIron.com.au
Wah Nam International Holdings Limited