It Aint Over Until Its Over I have spent a lot of time and effort attempting to get my head around what is actually happening here….
It’s never a good idea to take “Headlines” at face value (it’s all in the details) and it doesn’t help that the “Headlines” have been translated from Chinese and the details are in Chinese.
I have been looking at the “source documents” that the Headlines have been based on with Google Translate which seems to do a bit less than a perfect job.
It looks like Changchun Sinoenergy is not actually the Purchaser of Long Run.
If this deal gets done, they will (probably are now) be a bit less than a 50% partner in Zhontgian Energy (the purchaser). The other abt. 50% of Jhontgian seems to be owned by two individuals.
They have a website
https://www.snencn.cn/index.html there are a lot of relevant documents available there (Use Google Translate)
The Changchun PP is NOT entirely for LRE. It is for three investments including the abt. 50% stake in Zhontgian/LRE.
It looks like the Share price for the PP will be based on 20 days trading of the Changchun shares.
All this had to be approved by a Shareholders meeting. There is a May 23 announcement on the Zhontgian website that I “think” says that the meeting was on May 20 and everything was approved.
It looks like the Changchun PP hasn’t closed because it couldn’t until approved by the Shareholders and 20 days trading history is required to establish the share price. It’s also entirely possible that it wasn’t fully subscribed…
I have a hard enough time understanding Corporate Documents at the best of times never mind some that have been imperfectly translated from Chinese.
It’s highly possible that I am misunderstanding all of this so;
PLEASE DON’T TAKE MY WORD FOR IT!!
As Always; Do Your Own Due Diligence; It’s Your Money !!