APAC Resources Limited completed the acquisition of 38.09% stake in Tanami Gold NL from Allied Properties (H.K.) Limited (SEHK:56).
If any of the conditions are not fulfilled or waived by APAC Resources Limited in accordance with the share sale agreement on or before May 2, 2018 (cutoff date), the agreement will be terminated automatically. Completion shall take place within 10 business days after all the conditions is fulfilled or waived. As of March 16, 2018, the circular for transaction has been filled. Beijing Securities Limited considers the transaction as fair and reasonable and advised Independent Board Committee of APAC Resources Limited to recommend shareholders to vote in favor of transaction. The Independent Board Committee of APAC Resources Limited recommended independent shareholders to vote in favor of transaction. The meeting of shareholders will take place on April 11, 2018 to approve the transaction. As of May 2, 2018, the transaction has been postponed to August 31, 2018. As on May 4, 2018 the transaction is approved by shareholders of APAC Resources Limited. As of May 23, 2018, Tanami Gold NL shareholders has approved the transaction. Beijing Securities Limited acted independent financial advisor for APAC Resources Limited. Sherif Andrawes, Ashton Lombardo and Michael Riddle of BDO Corporate Finance (WA) Pty Ltd acted as financial advisor and Addisons acted as legal advisor for Tanami Gold NL. James Nicholls and Geoff Simpson of Allen & Overy Australia acted as legal advisor to Tanami Gold NL.
APAC Resources Limited (SEHK:1104) completed the acquisition of 38.09% stake in Tanami Gold NL (ASX:TAM) from Allied Properties (H.K.) Limited (SEHK:56) on June 5, 2018. All conditions precedent to the transaction have been fulfilled.