CREC gets approvals for RMA takeover

Chinese company CREC Resources has received approvals from the Foreign Investment Review Board and the Chinese regulatory body for its proportional takeover of Perth-based RMA Energy.

The announcement is below:

Diversified Australian resource company RMA Energy Ltd (ASX: RMT) ("RMA" or "the Company"), has been advised CREC Resources (Aust) Pty Ltd ("CREC") that it has received Foreign Investment Review Board ("FIRB") approval for its proportional takeover bid for the Company.

In addition, CREC advised RMA it also has received Chinese regulatory approval for this transaction.

RMA received CREC's proportional takeover offer on 10 August 2009. The offer is $0.065 cash per share for 4 out of every 5 (i.e. 80%) RMA shares. On 29 September 2009, RMA issued a Target's Statement with the Board's unanimous recommendation that shareholders accept CREC's Offer, in the absence of a superior proposal.

The Offer closing date is 13 November 2009 and as at 4 November 2009, CREC advised that it and its associates held a relevant interest of 49.17% of the RMA shares on offer