Additional Fosun Reps Appointed on ROC Board
The Board of Roc Oil Company Limited (ROC) has today announced the appointment of Dr Yuanlin JIANG, Mr Yao XU and Mr Qunbin WANG as Non-Executive Directors of ROC, as nominees of Transcendent Resources Limited (Fosun), a wholly-owned subsidiary of Fosun International Limited effective 10 November 2014. As at 7 November 2014, total acceptances of the Fosun Offer have increased to 67.021% of ROC’s issued share capital.
ROC's Largest Shareholder Supports FOSUN Offer
Transcendent Resources Limited (Fosun), a wholly-owned subsidiary of Fosun International Limited and Roc Oil Company Limited, are pleased to announce that Fosun has received acceptance instructions from Allan Gray Australia Pty Ltd (18.9%) in respect of the off-market takeover bid by Fosun to acquire all of the ordinary shares in ROC (Offer). As at 1 October 2014, the total acceptances (Offer and Facility acceptances) in ROC have increased to ~29.3% of the issued share capital, reflecting a strong, positive response to the Offer.
ROC Propose to Acquire All ROC Shares
The ROC Board announced today that it has entered into a Bid Implementation Agreement (BIA) under which it is proposed that Fosun International Limited or a subsidiary of it (Fosun) will acquire all of the ROC shares currently on issue for A$0.69 cash per share by way of off-market takeover offers (Fosun Offer). A copy of Fosun’s announcement to the Hong Kong Stock Exchange earlier today is attached. an implied market capitalisation of ~A$474 million. Various other business conduct conditions until 5.00pm (Sydney time) on 19 October 2014. In making their recommendation, the ROC directors have carefully considered the Fosun Offer and determined in good faith that the Fosun Offer is more favourable to ROC shareholders than the proposed merger with Horizon.
Peak Re Makes Senior Appointments in Hong Kong
Peak Reinsurance Company Ltd., a Hong Kong reinsurer backed by Fosun International Limited and International Finance Corporation, announced four appointments to strengthen its underwriting and research capabilities in the Asia Pacific region. These new hires are part of Peak Re’s strategic plan to bring world-class reinsurance experience to the region, the company said. Lay-Hui Lim joins Peak Re as Senior Vice President (SVP) of Underwriting and will lead the company’s marine business.
