EmailStory Stocks®
Archive
Last Update: 30-Dec-11 10:47 ET
Synthesis Energy Systems Down Sharply After Co Agrees To Extension For Strategic Equity Investment
Synthesis Energy Systems (SYMX) is trading sharply lower this morning after the company provided a progress update on its strategic equity investment and collaboration in China.
Earlier this morning, the company announced that it, China Energy Industry Holding Group and Zhongjixuan Investment Management Company mutually agreed to an extension of the closing period of their share purchase agreement thru March 31, 2012.
While the parties have indicated their support for this investment, this extension was necessary in order to allow time for Yima Coal Industry Group and its advisors to complete their due diligence and reviews of its proposed investment, including evaluating efficient structures for the proposed transactions. The parties believe that these steps will allow for optimal structuring and capital funding at the project and regional levels, which will be required for the large scale future investments in China anticipated by the parties.
Earlier this morning, the company announced that it, China Energy Industry Holding Group and Zhongjixuan Investment Management Company mutually agreed to an extension of the closing period of their share purchase agreement thru March 31, 2012.
While the parties have indicated their support for this investment, this extension was necessary in order to allow time for Yima Coal Industry Group and its advisors to complete their due diligence and reviews of its proposed investment, including evaluating efficient structures for the proposed transactions. The parties believe that these steps will allow for optimal structuring and capital funding at the project and regional levels, which will be required for the large scale future investments in China anticipated by the parties.
