YANKUANG ENERGY GROUP ADR YZCAY

Bid turns sour for Felix Resources

[Grebmoolb]

The bid for Felix Resources by Yanzhou Coal is turning sour.  The Australian regulatory board, FIB, has warned China about bids from State Owned and controlled companies.  Yanzhou Coal is a Chinese Government controlled company.$0$0$0$0State owned Yankuang Group have a controlling share in Yanzhou Coal.  Yanzhou coal have a subsidiary in Australia called Yancoal Australia.  Yancoal Australia have a subsidiary called Austar Coal Mine.$0$0Austar Coal Mine are being used to bid for the Australian coal miner, Felix Resources.$0$0$0$0$0Main holders of Felix Resources stock are through three directors who hold 48.2% of the shares.  A Former Director and a Former Manager hold 12% of the remainder.$0$0$0$0$0Other holders in Felix Resources are becoming increasingly hostile to the all cash, AU$16.95 per share bid through Yanzhou's, Austar Coal Mine.$0$0$0$0$0There is an answer to the problem that's staring Yanzhou Coal in the face.  But for the moment I will not say what is.$0