OilVoice - Sinochem Resources Closes Acquisition of Emerald Energy

Sinochem Resources Closes Acquisition of Emerald Energy

Friday, October 02, 2009

The Sinochem Directors and the Emerald Directors announced on 12 August 2009 that they had reached agreement on the terms of a recommended all cash acquisition by Sinochem of the entire issued and to be issued share capital of Emerald to be implemented by means of a Scheme of Arrangement. A scheme circular proposing the Scheme of Arrangement (the “Circular”) was posted to Emerald Shareholders on 7 September 2009.

The Court Meeting and the Extraordinary General Meeting were held today to consider and approve the Scheme of Arrangement.

The Emerald Directors announce that, at the Court Meeting held today, a majority in number of Scheme Shareholders present and voting (either in person or by proxy), representing not less than 75 per cent. in value of the relevant Scheme Shares, voted in favour of the resolution to approve the Scheme of Arrangement.

At the Extraordinary General Meeting, also held today, the Special Resolution put to Emerald Shareholders in order to implement the Scheme of Arrangement was passed by the requisite majority.

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