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 today been freed from all conditions. Accordingly, the offer is nowunconditional.
White Energy is also pleased to advise that it has now received acceptances under its takeover offer in respect of over 80% of SAC shares on issue.
Almost 95% of the acceptances processed to date have elected to receive the Share Alternative as consideration for the offer. Consequently, the Cash Alternative will not be subject to any scale back.
Unless otherwise extended, the offer period closes at 5.00pm (Sydney time) on 28 July 2010.
For further details on the terms of the offer please refer to the Bidder’s Statement which is available on White Energy’s website.
White Energy encourages those SAC shareholders who have not yet accepted the offer to do so without delay and to take part in this exciting transaction for both White Energy and SAC.