NEW RECORD DATE FOR SAU NON RENOUNCEABLE ENTITLEMENT OFFER OF SNU SHARES TO SNU SHAREHOLDERS
Southern Uranium Limited (ASX: SNU) and Southern Gold Limited (ASX: SAU) have received advice from CITIC Australia Pty Ltd (CITIC) that the approval of the Foreign Investment Review Board for CITIC to acquire its respective proportion of the underwritten shares pursuant to the underwriting agreement has now been received. SAU has now advised that all conditions precedent to the underwriting agreement have now been satisfactorily met and that a formal unconditional offer can now be despatched to SNU shareholders. SAU and SNU have agreed that the new Record Date for determining entitlements to the Offer will be Friday 16 October 2009. Shareholders registered on the Company’s share register at 7.00pm on the Record Date will be entitled to participate in the Offer. Details of the offer are as follows: The offer will be made on a pro rata non renounceable basis (i.e. approximately 9 shares for every 14 held) at 5.5 cents per share to all SNU shareholders as at the Record Date. The Offer will be fully underwritten by two of SNU’s major shareholders, Talbot Group Holdings Pty Ltd (TGH) and CITIC Australia Pty Ltd (CITIC). Shareholders will be able to apply for additional shares from any shortfall and will be allocated additional shares as available from the shortfall before the underwriter takes up the remainder of the shortfall Each of the Directors of SNU has indicated their intention to apply for at least their entitlement under the Offer
SNU Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held