| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for China Shanshui Cement Group Ltd. > News item |
China Shanshui: Still no share offer proposal; investigator Lees hired
By Caroline Salls
Pittsburgh, March 16 – China Shanshui Cement Group Ltd. has not received any concrete proposals to progress with a possible share offer, according to a news release.
Given a loss of books, records and other important documents, the company said it has asked the offerors for a copy of the joint offer letter dated July 20, 2015 and details of earlier discussions related to the offer. However, China Shanshui said the offerors have not yet responded to the request.
As a result, the company said its board of directors has serious doubt about whether the possible offer is a bona fide offer. The board is seeking advice from its financial adviser and assessing the options available to the company as to the next step/future actions to take for the best interests of the shareholders, the release said.
In a separate release, China Shanshui said John Robert Lees has been appointed to investigate the beneficial interests in the shares of the company under Section 329 of the Securities and Futures Ordinance and investigate the transactions related to notes issued by the company.
The company said it will consider appropriate actions to take, if necessary, when there are any significant findings from the investigation.
Lees is the managing director of JLA Asia Ltd. He is a fellow member of the Hong Kong Institute of Certified Public Accountants, a chartered accountant in New Zealand, a certified fraud examiner of the Association of Certified Fraud Examiners, a fellow member of the American College of Bankruptcy and a practicing member of the Academy of Experts in the United Kingdom.
In addition, the company announced that its board will meet on March 31 to consider and approve the publication of the announcement of China Shanshui’s results for the financial year ended Dec. 31.
The cement manufacturing company is based in Jinan, China.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.