39. What if I am a foreign SAC Shareholder?
If your address, as it appears in SAC’s register of members at close of
business on 7 June 2010, is in a jurisdiction other than Australia, its external
territories, or the Netherlands, you are an Ineligible Foreign SAC Shareholder.
However, you will not be an Ineligible Foreign SAC Shareholder if the Bidder is
satisfied, in its sole discretion, that it is not unlawful, not unduly onerous and
not unduly impracticable to make the Offer to you in the relevant jurisdiction
and to issue White Energy shares to you on acceptance of the Offer, and that
it is not unlawful for you to accept the Offer in such circumstances in the
relevant jurisdiction.
In its Bidder’s Statement, the Bidder has stated that SAC Shareholders who
are Ineligible Foreign SAC Shareholders will not be entitled to receive the
Share Alternative as consideration for their SAC Shares pursuant to the Offer,
unless the Bidder otherwise determines in its absolute discretion.
Instead, if you accept the Offer and receive the Share Alternative in respect
of some or all of your SAC Shares, the White Energy Ordinary Shares, the
White Energy Performance Shares and the White Energy Subscription
Rights that would otherwise have been received by you will be provided to a
nominee approved by ASIC who will sell those shares and rights (together
with the White Energy Ordinary Shares, the White Energy Performance
Shares and the White Energy Subscription Rights that would otherwise have
been received by other Ineligible Foreign SAC Shareholders). You will receive
your pro-rata share of the net cash sale proceeds of such sales.
Ineligible Foreign SAC Shareholders who accept the Offer and receive
the Cash Alternative for some or all of their SAC Shares, will receive cash
consideration under the Offer in accordance with section 12.3 of the Bidder’s
Statement.
See sections 11.10 and 12.9 of the Bidder’s Statement for further information.
PT Kaltim Supacoal (KSC) a jointly owned subsidiary of WEC with PT Bayan Resources of Indonesia. Report from PT Kaltim Supacoal on Tabang Plant update: http://www.whiteenergyco.com/investor/asx-announcements/tabang-update.php
SAC South Australian Coal shareholders have now received their cash or shares in WEC (Issuer sponsored holding); included are performance shares for 2010 and 2011
Those who took up the shares offer are entitled to buy further shares in WEC, details were enclosed. The sum sent must be drawn on an Australian Bank, or a subsidiary branch of a foreign bank, based in Australia.
( the reason for this is, that foreign cheques take up to 60 days to clear in Australia, one of the slowest clearing systems )
WEC closed at an all-time high of $3.89 on the appointment of Felix Resources' former directors to the board of White Energy Limited.
I listened to a presentation from the outgoing MD of White Energy Co (name escapes me at present) at the Cutting Edge series of the Melbourne Mining Club last night. He made much of the appointment to the board of White Energy of the ex-Felix Resources board members.
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