Sign up Australia
Proactive Investors - Run By Investors For Investors

Carabella Resources’ directors recommend China Kingho Energy Group takeover offer

Carabella Resources’ directors recommend China Kingho Energy Group takeover offer

Carabella Resources (ASX: CLR) has recommended that shareholders accept the $0.455 per share cash takeover offer from private Chinese mining and energy company China Kingho Energy Group.

The offer had represented a 128% premium over Carabella’s last traded price of $0.20 on Tuesday, 3 December 2013.

Carabella’s directors said the offer provided shareholders with greater certainty relative to the alternative of waiting for the price of Carabella Shares to reflect the potential value of its projects being developed and reaching full production.

The recommendation is subject to Kingho receiving all remaining Chinese regulatory approvals and the absence of a superior proposal.

Kingho’s wholly-owned subsidiary Wealth Mining currently holds 11.06% of Carabella’s shares on issue.

The acquisition of Carabella will give Kingho an Australian headquarters for its global exploration and development businesses outside of China.

Carabella had recently said it is engaged with a number of parties interested in funding the Bluff PCI coal project in Queensland.

Detailed mine planning and design, contractor selection, logistics and marketing studies for the Feasibility Study are expected to be completed by the end of calendar year 2013.

The company has also progressed its Grosvenor West Project into feasibility with significant improvements in the Project costs.


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.

Register here to be notified of future PROAC Company articles
View full PROAC profile

Proactiveinvestors Timeline

Related Articles

man with white board
September 20 2016
In September, Ebiquity launched a new global advertising intelligence platform.
Casino chips
September 13 2016
NetPlay trades at a sharp discount to peers and yields more than 6%, covered broadly twice by earnings, according to house broker Shore Capital.
October 18 2016
Geographical expansion, product innovation and strategic partnerships continue to be well executed, said house broker finnCap

© Proactive Investors 2016

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.