News: Extract consults ASIC over takeover

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    Extract Resources Limited (ASX:EXT) has held talks with Australia's securities regulator regarding a potential bid for its largest shareholder, Kalahari Minerals, by China's Guangdong Nuclear Power.

    After exiting a trading halt today Extract has noted an announcement on London’s stock exchange, by Kalahari Minerals, confirming speculation of a potential takeover.

    The uranium miner also says it has consulted the Australian Securities and Investments Commission and made submission to ASIC for a potential downstream takeover of Extract.

    Australian law stipulates that companies must launch a full takeover bid if their proposed investment in the local company exceeds 19.9 per cent.

    Extract says no ruling has yet been made by ASIC but that the company has sought to ensure that the interests of all its shareholders will be protected if the takeover goes ahead.

    Kalahari Minerals holds about 43 per cent of Extract and Rio Tinto Limited (ASX:RIO) holds a 14 per cent stake. 

    In the 2011 financial year Extract Resources booked a net loss of $55 million.


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