10/07/2008 - 08:33

Sinosteel directors join Midwest board

10/07/2008 - 08:33

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Takeover target Midwest Corporation Ltd has issued $19.3 million worth of shares to Morgan Stanley Austrlaia Ltd as payment for advisory services relating to the Sinosteel Corp takeover offer.

Takeover target Midwest Corporation Ltd has issued $19.3 million worth of shares to Morgan Stanley Austrlaia Ltd as payment for advisory services relating to the Sinosteel Corp takeover offer.

Midwest today advised that just over three million ordinary, fully paid shares will be issued to its adviser should Sinosteel receive acceptances of 50.1 per cent to its $6.38 cash offer.

Meanwhile Midwest has expanded its board of directors to nine following a request from Sinosteel.

Sijun (Tony) Cheng, Hongbin (Michael) Wu and Ian McCubbin will join the six person board at Midwest from July 11.

Sinosteel, China's second largest iron ore trader, is pursuing Midwest through a $1.36 billion takeover and has built up a 47.14 per cent stake in the iron ore miner.

Midwest operates iron ore mines in Western Australia's mid-west region.






 

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