Geo Jade will close this by July 31stIt has been a busy week for Geo Jade who put out 12 different announcements from July 6 to July 9 (China time). Bankers has figured prominently in their public disclosures. Here are the links.
https://www.sse.com.cn/assortment/stock/list/info/announcement/index.shtml?productId=600759
Whip out your best Chinese-English online translator cause there is a lot to go through. If you use Google Translate, Bankers comes out as Banks. It also appears as the short form name Geo Jade is using.
If anyone can provide a better translation than I have, your contribution is greatly appreciated. Here are two of what I think are critical documents.
July 8 - The Chairman, President and CFO held an investor presentation at SSE (Shanghai) to present their new structure and answer questions from shareholders. They issued a press release with Q&A from investors. Below is the link to the press release.
https://static.sse.com.cn/disclosure/listedinfo/announcement/c/2016-07-09/600759_20160709_2.pdf
The sentences read incomplete when translated to English with Google, but when you translate you understand that Geo very much believes in this acquisition and their ability to significantly expand production and grow Bankers reserves.
July 7 - They filed their restructuring plan and Bankers figures prominently in the document. Warning, the document is 180 pages long.
https://static.sse.com.cn/disclosure/listedinfo/announcement/c/2016-07-07/600759_20160707_4.pdf
This is the short name they use for Bankers.
It shows up 125 times in the document. One critical section is on pages 97 & 98 which lists the 11 steps to taking Bankers private along with a paragraph that indicates they expect the deal to close by July 31st.
From what I understand, they just completed step 9 with these filings.
Here is the Google translation of steps 9 to 11.
No.
Process
Acquiring condition / adopted
9
Shanghai Xin Chau Otaki overseas subsidiaries based payment transactions on the price, and completed the share register
10 Banks where the company to Toronto Stock Exchange and the London Stock Exchange for delisting stock
Canadian stock exchange delisting conditions: all transactions arranged the privatization agreement have been achieved; London Stock Exchange delisting criteria: All trading arrangements privatization agreement have been achieved; at least 20 days advance notice in the city date back
11 complete delisting
Here is the Google translation of the paragraph immediately following this list.
As of the signing date of the plan, Banks company had its shareholders' meeting, Albania and the adoption of the anti-monopoly approval and the Canadian investors review, if we can successfully complete the remainder of privatization processes, it is anticipated that the Shanghai Tackey Chau Xin section to 2016 July 31, achieved on the equity and complete the entire privatization process
There is a lot more information in this document. Either way, I expect this deal to close.