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- Coal company East Energy Resources’ (EER) largest shareholder, Maylion, is aiming to sell all of its shares to Axis Minerals
- Maylion holds nearly three billion shares in East Energy
- For the deal to be completed it will need to meet a number of conditions such as East Energy shareholder approval
- Due to this announcement, East Energy has requested an extension to its suspension until the transaction is completed, which is expected to be completed on or before March 31
- On the market, East Energy last traded at 3.6 cents on September 21
East Energy Resources’ (EER) largest shareholder, Maylion, is looking to sell all of its shares to Axis Minerals.
The company was told by Noble Netherlands, owner of Maylion, that it aims to sell its nearly three billion shares to unrelated Axis Minerals.
Axis Mineral Services provides crushing services for mining, milling and processing and civil applications.
For the deal to be completed it will need to meet a number of conditions such as East Energy shareholder approval. A shareholder meeting is expected by the end of February.
Due to this announcement, East Energy has requested an extension to its suspension until the transaction is completed, which is expected to be completed on or before March 31.
East Energy is an ASX-listed coal exploration and development company and is focused on the Eromanga Basin in Queensland.
At the end of the September quarter, East Energy burnt through $193,000 on operating activities, with the majority of the capital put towards exploration. East ended the period with $615,000 in the bank.
On the market, East Energy last traded at 3.6 cents on September 21.
