White Energy Company Limited (ASX: WEC, OTCQX: WECFY) (â€œWhite Energyâ€) is pleased to announce that the takeover offer by White Energyâ€™s wholly owned subsidiary, White Energy Mining Pty Limited, for all of the ordinary shares in South Australian Coal Limited (â€œSACâ€) has received overwhelming support from SAC shareholders.
White Energy has now received acceptances under its takeover offer in respect of 71.88% of SAC shares on issue.
Over 98% of the acceptances received have elected to receive the Share Alternative as consideration for the offer. For further details on the terms of the offer please refer to the Bidderâ€™s Statement which is available on the companyâ€™s website.
White Energyâ€™s Chairman, Mr John McGuigan, said â€œWe are pleased that our takeover offer of SAC is being met with such strong support. This support shows that SAC shareholders recognize that combining White Energyâ€™s unique coal upgrading technology with SACâ€™s coal resources is a very attractive value creating opportunity. Reuniting the former Felix Resources board and management in a company with expected cash reserves in excess of $200 million provides an outstanding platform for the future development of the company.
â€œWe call on all SAC shareholders who have not yet taken up the offer to accept the offer and take part in this exciting opportunity.â€
The takeover offer remains subject to conditions and unless otherwise extended, the offer period closes at 5pm on 21 July 2010.