Resource Wrap: 21 June 2010 – SDL, AQA, ESG, AWE, ADI
June 21, 2010
Sundance Resources Limited (SDL) shares were placed in trading halt today as the search continues for a plane that went missing in West Africa which contained six of the company’s executives. Sundance said the aircraft is yet to be located after failing to reach its destination of Yangadou in the Republic of Congo on Saturday. The group included Sundance’s non-executive chairman Geoff Wedlock, managing director and chief executive officer Don Lewis, company secretary John Carr-Gregg, and non-executive directors Ken Talbot, John Jones and Craig Oliver. Mr Wedlock is also chairman of Gindalbie Metals Limited (GBG). Two French nationals, an American and two Britons were also aboard the chartered aircraft. The group was visiting the company's iron ore project in Cameroon and the Republic of Congo. Sundance said chief financial officer Peter Canterbury has been appointed acting chief executive.
Aquila Resources Limited (AQA) said it has executed a Memorandum of Understanding (“MoU”) with China Development Bank Corporation. The Australian coal and iron ore explorer said the MoU provides a broad framework pursuant to which, China Development Bank and Aquila would explore mutual opportunities to facilitate Aquila’s development, as well as enable China Development Bank to support Baosteel through its investment in Aquila, to expand its business in Australia. China Development Bank is a strategic partner of Baosteel Group Corporation, which holds a 15% stake in Aquila, and both Aquila and Baosteel are parties to a Memorandum of Strategic Cooperation.
Eastern Star Gas Limited (ESG) said ClassicStar LLC’s US$300 million United States Civil Action brought against the Australian coal seam gas company has been dismissed. ESG said the Trustee of ClassicStar advised the court on Friday that it "agrees to dismiss defendant, Eastern Star Gas Limited, from the action pursuant to Rule 41(a)(1) of the Federal Rules of Civil Procedure. ESG said that while the company always considered the claim against it to be without foundation and were confident the action had no chance of success, the dismissal brings the issue to a formal close.
AWE Energy Limited (AWE) subsidiary ARC Energy Limited increased its offer for all of the shares in Adelphi Energy Limited (ADI) it does not already own from 40c per share to 42c per share today. At the same time company announced it would not increase its offer any further. In response, Adelphi recommended shareholders accept the offer, which is due to close on July 9.
Aquila Resources Limited (AQA) said it has executed a Memorandum of Understanding (“MoU”) with China Development Bank Corporation. The Australian coal and iron ore explorer said the MoU provides a broad framework pursuant to which, China Development Bank and Aquila would explore mutual opportunities to facilitate Aquila’s development, as well as enable China Development Bank to support Baosteel through its investment in Aquila, to expand its business in Australia. China Development Bank is a strategic partner of Baosteel Group Corporation, which holds a 15% stake in Aquila, and both Aquila and Baosteel are parties to a Memorandum of Strategic Cooperation.
Eastern Star Gas Limited (ESG) said ClassicStar LLC’s US$300 million United States Civil Action brought against the Australian coal seam gas company has been dismissed. ESG said the Trustee of ClassicStar advised the court on Friday that it "agrees to dismiss defendant, Eastern Star Gas Limited, from the action pursuant to Rule 41(a)(1) of the Federal Rules of Civil Procedure. ESG said that while the company always considered the claim against it to be without foundation and were confident the action had no chance of success, the dismissal brings the issue to a formal close.
AWE Energy Limited (AWE) subsidiary ARC Energy Limited increased its offer for all of the shares in Adelphi Energy Limited (ADI) it does not already own from 40c per share to 42c per share today. At the same time company announced it would not increase its offer any further. In response, Adelphi recommended shareholders accept the offer, which is due to close on July 9.
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