Endocoal (ASX: EOC) will today request that the Federal Court of Australia approve a scheme of arrangement that will see U&D Mining Industry acquire all of the issued share capital in Endocoal.
The company has been granted a trading halt by the ASX as it attends a second court hearing set down for 10.15 (AEST) today.
Endocoal received the A$71 million, or $0.38 cash per share, takeover offer from U&D Mining Industry in October last year.
U&D is a joint venture between Australia Kunqian International Energy Co., a wholly owned subsidiary of China Yima Coal Group and Daton Group Australia (ASX: DTG), a Brisbane-based fertiliser manufacturer.
U&D has been established as the investment vehicle of Yima to make investments in Australia’s coal sector.
Endocoal expects to be able to reveal the outcome of the hearing by close of trading today.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Tuesday 23 April 2013.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
Endocoal seeks court approval of U&D Mining Industry takeover
Published: 01:00 19 Apr 2013 BST