China bid causes Extract Resources trading halt

Extract Resources shares have been placed in a trading halt ahead of an announcement on China's bid for the uranium comining equipment for quarrying limestonempany's major shareholder. The shares, which last traded at $6.68, were halted as Extract waited for the information on Chinese state-owned CGNPC Uranium Resources' offer for Kalahari Minerals, which has a 43 per cent stake in Extract.

Because of Kalahari's stake, CGNPC is seeking relief from the Australian Securities & Investments Commission to acquire a relevant interest in more than 20 per cent of Extract. The regulatory deadline was yesterday, but there was no sign from China or ASIC as to whether the application was granted. Extract requested the trading halt until tomorrow. Extract's independent directors had asked ASIC not to grant CGNPC's request, or that it be conditional on CGNPC's offer for Kalahari being extended to all Extract shareholders...