White Energy Company Limited (ASX: WEC, OTCQX: WECFY) (“White Energy”) is pleased to announce that the takeover offer by White Energy’s wholly owned subsidiary, White Energy Mining Pty Limited, for all of the ordinary shares in South Australian Coal Limited (“SAC”) 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 Bidder’s Statement which is available on the company’s website.
White Energy’s Chairman, Mr John McGuigan, said “We 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 Energy’s unique coal upgrading technology with SAC’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.
“We call on all SAC shareholders who have not yet taken up the offer to accept the offer and take part in this exciting opportunity.”
The takeover offer remains subject to conditions and unless otherwise extended, the offer period closes at 5pm on 21 July 2010.