Sundance soars with Congo approval
SHARES in Sundance Resources soared in the last trading day of 2012 amid expectations that its long-awaited takeover by a significant shareholder will go ahead in early 2013.
Please check the following:
- {{x.value}}
FREE membership
FREE membership
Join InvestSMART today
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
Please enter the 5 digit verification code sent to "{{user.DayPhone}}" Change number
We cannot send you a verification code via SMS to "{{user.DayPhone}}" Change number
{{ completedStep1 ? 'Start your free 15 day trial now' : content.trialHeading.replace('{0}', user.FirstName) }}
Please enter your mobile number and press send to receive a text message with a verification code.
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
Thank you
We have sent you an email with the details of your registration.
Purchase order
Sign up
OR
Sign up with
Login with
By continuing, you agree to our
Log in
Looks you are already a member. Please enter your password to proceed
OR
Sign up with
Login with
By continuing, you agree to our
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Log in
OR
Sign up with
Login with
By continuing, you agree to our
Upgrade Today
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
{{eventFunction.Name}}
{{eventFunction.EventTypeName}}
{{eventFunction.StartDate}}
{{eventFunction.EventTimings}}
{{eventFunction.VenueName}}
{{ t.Cost === 0 ? "FREE" : "$" + t.Cost.toFixed(2) }}
Quantity *
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
Check your inbox
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
SHARES in Sundance Resources soared in the last trading day of 2012 amid expectations that its long-awaited takeover by a significant shareholder will go ahead in early 2013.
Sundance shares closed 5¢, or 15.6 per cent, higher at 37¢ on Monday after the company told the sharemarket that the ministerial council for the Republic of Congo had approved its application to develop its Nabeba iron ore deposit.
The approval was a key hurdle in Hanlong Group's $1.3 billion offer for Sundance.
Investors were also heartened by reports in Chinese media that Sundance's suitor, the privately held Hanlong, expects to complete the takeover by the start of March, after it lodges documents with the Australian Securities and Investments Commission.
Hanlong already owns about 17 per cent of Sundance and wants the iron ore explorer for its $4.7 billion Mbalam mine in West Africa, on the border of the republics of Congo and Cameroon. The Mbalam project, which includes building a 510-kilometre rail line and a deep-water port, is expected to produce 35 million tonnes a year of iron ore.
Monday's share price rise trims Sundance's fall for the year to 6 per cent, but the company's shares continue to trade well south of Hanlong's 45¢-a-share offer. Hanlong's offer was revised down last year from 57¢ a share, amid falling world iron ore prices.
It is believed the takeover move would give China a stronger role in setting global iron ore prices.
Chinese news agency Xinhua has also reported that Hanlong was "in talks with leading state companies to jointly develop" the project in Mbalam.
Sundance managing director and chief executive Giulio Casello thanked the Congo government for its support over the years.
The approval helped pave the way for "work to start on what will be a world-class iron ore operation once financing is confirmed", the company said on Monday. "It will bring with it significant economic, financial and social benefits for the people of the Republic of Congo."
The prospect of a takeover appeared remote last month following news that Hanlong wanted to delay the bid because it could not secure funding by December 13.
Hanlong pushed back the funding date to January 31.
In December, Sundance reported that Hanlong had secured $US438 million from the China Development Bank to fund the acquisition of Sundance.
But the market has persistently priced the stock below its takeover price, so there were continuing doubts about the viability of the deal.
The deal has been approved by the Foreign Investment Review Board.
Sundance shares closed 5¢, or 15.6 per cent, higher at 37¢ on Monday after the company told the sharemarket that the ministerial council for the Republic of Congo had approved its application to develop its Nabeba iron ore deposit.
The approval was a key hurdle in Hanlong Group's $1.3 billion offer for Sundance.
Investors were also heartened by reports in Chinese media that Sundance's suitor, the privately held Hanlong, expects to complete the takeover by the start of March, after it lodges documents with the Australian Securities and Investments Commission.
Hanlong already owns about 17 per cent of Sundance and wants the iron ore explorer for its $4.7 billion Mbalam mine in West Africa, on the border of the republics of Congo and Cameroon. The Mbalam project, which includes building a 510-kilometre rail line and a deep-water port, is expected to produce 35 million tonnes a year of iron ore.
Monday's share price rise trims Sundance's fall for the year to 6 per cent, but the company's shares continue to trade well south of Hanlong's 45¢-a-share offer. Hanlong's offer was revised down last year from 57¢ a share, amid falling world iron ore prices.
It is believed the takeover move would give China a stronger role in setting global iron ore prices.
Chinese news agency Xinhua has also reported that Hanlong was "in talks with leading state companies to jointly develop" the project in Mbalam.
Sundance managing director and chief executive Giulio Casello thanked the Congo government for its support over the years.
The approval helped pave the way for "work to start on what will be a world-class iron ore operation once financing is confirmed", the company said on Monday. "It will bring with it significant economic, financial and social benefits for the people of the Republic of Congo."
The prospect of a takeover appeared remote last month following news that Hanlong wanted to delay the bid because it could not secure funding by December 13.
Hanlong pushed back the funding date to January 31.
In December, Sundance reported that Hanlong had secured $US438 million from the China Development Bank to fund the acquisition of Sundance.
But the market has persistently priced the stock below its takeover price, so there were continuing doubts about the viability of the deal.
The deal has been approved by the Foreign Investment Review Board.
Share this article and show your support
Call 1300 880 160
Start a chat
Schedule a call
