Indophil Resources: Working With Alsons On Tampakan Sale
The Melbourne-based junior has signed a memorandum of intent with privately owned investment group Alsons, supported by Hong Kong merchant bank Crosby Capital Ltd. (8088.HK) to sell its stake at an equivalent value to A$1.28 per Indophil share. Shareholders last month approved the transaction.
Both parties are awaiting the results of the extended pre-feasiblity study, which is being prepared by Xstrata PLC (XTA.LN), the majority owner of the Tampakan project, with a 62.5% interest. Results from the study had been expected before now, and may be released shortly.
Indophil also noted the current financial crisis and deterioration of economic conditions, heightening the challenges for "any sizable transaction."
Xstrata, which holds a 19.9% stake in Indophil, voted against the transaction.
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8235-2965; elisabeth.behrmann@dowjones.com
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Publié le 11 Décembre 2008 Copyright © 2008 Dowjones
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