05:21:10 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Turquoise Hill Resources Ltd
Symbol TRQ
Shares Issued 2,012,298,797
Close 2014-07-29 C$ 3.86
Market Cap C$ 7,767,473,356
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Turquoise Hill to sell $25-million in SouthGobi shares

2014-07-30 02:38 ET - News Release

Ms. Jessica Largent reports

TURQUOISE HILL ANNOUNCES SALE OF 29.95% STAKE IN SOUTHGOBI RESOURCES

Turquoise Hill Resources Ltd. has entered into a share purchase agreement with National United Resources Holdings Ltd., a Hong Kong-based public company listed on the main board of the Stock Exchange of Hong Kong, providing for the sale to the purchaser of a 29.95-per-cent stake in SouthGobi Resources Ltd. Under the terms of the agreement, which was effected in accordance with and in reliance upon the private agreement exemption under the Canadian takeover bid regime, Turquoise Hill has agreed to sell 56,102,000 common shares that it owns in the capital of SouthGobi to the purchaser at a price of 45.5 cents per common share, following which Turquoise Hill would continue to hold 48,705,155 shares of SouthGobi, representing approximately a 26-per-cent stake in SouthGobi. Approximately $12.8-million in cash will be received by the company at closing, and deferred consideration of approximately $12.8-million will be payable one year after the closing of the transaction.

Closing is subject to certain closing conditions, including the SEHK approving the circular to be provided to the purchaser's shareholders for the shareholder vote on the transaction and the purchaser's shareholders approving the transaction. Closing is expected to occur no later than Nov. 30, 2014.

CIBC World Markets Inc. acted as financial adviser and Norton Rose Fulbright acted as legal adviser to the special committee and the Turquoise Hill board of directors in respect of this transaction.

About National United Resources Holdings

National United Resources Holdings is listed on the main board of the Hong Kong Stock Exchange (stock code: 254) and is principally engaged in coking coal trading, natural-resources-related logistics business, outdoor media advertising and media-related services. In relation to its outdoor media advertising and media-related services, National United Resources Holdings aims to provide the best comprehensive advertising services for its national and international clients through the integration of high-quality outdoor media resources in the People's Republic of China and an all-round networking management platform. National United Resources Holdings commenced its business of coking coal trading in 2013 and has already sourced coking coal supplies in Mongolia on behalf of its customers located in different jurisdictions.

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