TORONTO, Nov. 23, 2012 /CNW/ - Chengdu Tianqi Industry (Group) Co., Ltd. (" Tianqi") and Windfield Holdings Pty Ltd (" Windfield"), a wholly-owned subsidiary of Tianqi, today announced that they have received formal advice from Australia's Foreign Investment Review Board that the Australian Government has no objections to the proposed acquisition by Windfield of a 100% interest in Talison Lithium Limited (" Talison').
Tianqi and Windfield currently own 17,143,422 or 14.99% of the issued and outstanding shares in Talison. With Australian foreign investment clearance now obtained, Windfield may now proceed to settle on an additional 5,734,611 shares whose purchase was subject to foreign investment clearance. Upon settlement of these purchases, Tianqi and Windfield will own 22,878,033 shares or 19.99% of the issued and outstanding shares in Talison.
Furthermore, Tianqi and Windfield now have the right to vote, or direct the voting of, all of the 22,878,033 shares and intends to vote, or cause to be voted, all them against Rockwood's proposed scheme of arrangement.
An early warning report will be filed on SEDAR and will be available for review at www.sedar.com under Talison's profile.Tianqi's financial adviser is RedBridge Grant Samuel, its tax and accounting adviser is PricewaterhouseCoopers, and its legal advisers are Linklaters and ZhongLun in China, Allens in Australia and Stikeman Elliott in Canada. Further Information About Tianqi: Tianqi is a privately held Chinese company founded in 2003. Its business activities are primarily conducted through the following subsidiaries:
- Sichuan Tianqi Lithium Industries, Inc. - a Chinese company listed on the Shenzhen Stock Exchange, engaged in the production of lithium carbonate and other lithium products from chemical-grade lithium concentrates sourced from Talison;
- Sichuan Tianqi Industry Co., Ltd. - a distributor of technical grade lithium concentrates, as the sole distributor for Talison in China;
- Chengdu Tianqi Machinery, Metals & Minerals Import & Export Co., Ltd. - provides spare parts and accessories for machinery and electrical equipment used in the construction, packing and agriculture sectors; and
- Chengdu Sendasun Agricultural Machinery Co., Ltd. - undertakes research, development, manufacturing and sales of agricultural equipment.