ID :
118328
Fri, 04/23/2010 - 18:09
Auther :
Shortlink :
http://m.oananews.org//node/118328
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KHAN SHAREHOLDER REQUISITIONS SPECIAL MEETING
Ulaanbaatar, /MONTSAME/. Laramide Resources, which owns about 13,2% of TSX-listed Khan Resources, has requisitioned a special meeting of the uranium junior's board, it said on Thursday according to the www.miningweekly.com.
The purpose of the meeting will be to introduce new directors to the firm's existing board, “to facilitate the best shareholder outcome if the existing takeover offer fails to materialise”, Laramide said.
“Laramide has requested this meeting, in consultation with other large institutional shareholders, to respond to recent developments in Mongolia including the extension of the CNNC Overseas Uranium Holding Ltd takeover offer.”
Khan agreed earlier this year to be acquired by CNNC, as part of its defence against a hostile takeover offer from Russia's Atmoredmetzoloto.
Earlier this month, Khan said that it received notification from the Mongolian Nuclear Energy Agency that mining and exploration licences for the company's flagship uranium project in the country had been invalidated.
Khan is challenging the decision in court, and has said that it does not expect the developments will affect the takeover by CNNC, but shareholders are obviously concerned.
Laramide said that it had not entered into a lock-up agreement with CNNC, but agreed with Khan's board recommendation to accept the CNNC offer, which has been extended to expire on May 25.
On Wednesday, Khan said that its 58% joint venture subsidiary in Mongolia has filed a formal claim in the Capital City Administrative Court in Mongolia challenging the legal basis for the notice that purported to invalidate the mining licence for its Dornod project.
Khan was also continuing efforts to hold discussions with the Mongolian government on the issue, and has written directly to Prime Minister Sukhbaatar Batbold it said.
“Khan has no new information to indicate that the purported NEA invalidation notices and other recent events in Mongolia will adversely impact CNNC's ability to obtain Chinese government approval or the likelihood of the CNNC offer proceeding,” it said.
“CNNC has informed Khan that it continues its efforts to obtain all required Chinese approvals.”
S.Batbayar
The purpose of the meeting will be to introduce new directors to the firm's existing board, “to facilitate the best shareholder outcome if the existing takeover offer fails to materialise”, Laramide said.
“Laramide has requested this meeting, in consultation with other large institutional shareholders, to respond to recent developments in Mongolia including the extension of the CNNC Overseas Uranium Holding Ltd takeover offer.”
Khan agreed earlier this year to be acquired by CNNC, as part of its defence against a hostile takeover offer from Russia's Atmoredmetzoloto.
Earlier this month, Khan said that it received notification from the Mongolian Nuclear Energy Agency that mining and exploration licences for the company's flagship uranium project in the country had been invalidated.
Khan is challenging the decision in court, and has said that it does not expect the developments will affect the takeover by CNNC, but shareholders are obviously concerned.
Laramide said that it had not entered into a lock-up agreement with CNNC, but agreed with Khan's board recommendation to accept the CNNC offer, which has been extended to expire on May 25.
On Wednesday, Khan said that its 58% joint venture subsidiary in Mongolia has filed a formal claim in the Capital City Administrative Court in Mongolia challenging the legal basis for the notice that purported to invalidate the mining licence for its Dornod project.
Khan was also continuing efforts to hold discussions with the Mongolian government on the issue, and has written directly to Prime Minister Sukhbaatar Batbold it said.
“Khan has no new information to indicate that the purported NEA invalidation notices and other recent events in Mongolia will adversely impact CNNC's ability to obtain Chinese government approval or the likelihood of the CNNC offer proceeding,” it said.
“CNNC has informed Khan that it continues its efforts to obtain all required Chinese approvals.”
S.Batbayar
