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Fortune Oil announces proposed acquisition and loan settlement


Published Aug 8, 2013
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Fortune Oil

Fortune Oil is pleased to announce that it will be putting inter-conditional proposals to shareholders in General Meeting as follows:

The acquisition of Wilmar International Limited's interest in the consideration receivable as a result of the conditional disposal of Fortune Gas Investment Holdings Limited. The total consideration is US$60m payable to Fortune Dynasty Holdings Limited, a member of the Concert Party (described below), in Ordinary Shares in Fortune Oil (the "Proposed Acquisition")

Subject to the waiver from the Takeover Panel described immediately below, amendment of a loan received from Fortune Dynasty Holdings Limited amounting to US$12m, such that it will be repayable in shares in Fortune Oil (the "Loan Settlement")

Tags: Fortune Oil




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