BEIJING, CHINA--(Marketwired - Oct. 21, 2015) - Beijing Hehe Fengye Investment Co., Limited (the "HZP Majority Shareholder"), the majority shareholder of Hebei Zhongbo Platinum Co. Limited ("HZP"), announces an update on the proposed acquisition by HZP from Eastern Platinum Limited ("EP") of EP's platinum group metals business (the "Proposed Transaction"), which was originally announced by EP on November 7, 2014.
On September 1, 2015, HZP notified EP in writing that it was terminating the purchase agreements governing the Proposed Transaction in accordance with their terms as the Proposed Transaction had not been completed by the August 7, 2015 outside date. EP has subsequently questioned the validity of the termination notice.
On June 8, 2015, EP had issued a news release disclosing, among other things, that EP and HZP had agreed to a restructuring of the Proposed Transaction, but that the restructuring remained subject to the execution of definitive amending agreements between EP and HZP. On September 16, 2015, EP announced that the execution of these amending agreements remained outstanding.
Notwithstanding EP's questioning of the validity of the termination notice, the HZP Majority Shareholder, whose approval is required for HZP to execute the foregoing definitive amending agreements, does not intend to approve such agreements and therefore the Proposed Transaction, whether or not as proposed to be restructured, will not proceed.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contact Information:
Ms. Wanqing Wang
Phone number: +86 10 84100390 ext. 819
Email: dgn8350@163.com