Petroleum Daming announced on March 6, 2006/kloc-0: China Petrochemical issued an offer with preconditions to other shareholders of Petroleum Daming except itself, and acquired all the tradable shares held by tradable shareholders at the price of 10.30 yuan/share, and all the non-tradable shares held by other shareholders at the price of 5.60 yuan/share.
The effective conditions of this tender offer are: on the last trading day 15:00 within the validity period of this tender offer, the number of pre-accepted shares in temporary custody of the registered company is higher than174,8214,90 shares, that is, after the completion of this tender offer, the shares publicly issued by Petroleum Daming are less than 25% of the total share capital. The equity distribution of Petroleum Daming will not comply with the provisions of Article 50 of the Securities Law. If the conditions for the tender offer to take effect are not met, the tender offer will not take effect from the beginning, and the original pre-acceptance declaration will no longer be valid. The registered company will automatically terminate the temporary custody of the corresponding shares.
Purpose of tender offer: The purpose of this tender offer is to terminate the listing and trading of the company's tradable shares in Shenzhen Stock Exchange and realize the business integration strategy of the acquirer. Bid validity: March 8, 2006-April 6, 2006.
The above announcement clearly shows that China Petrochemical and the registered company (Shenzhen Stock Exchange) are responsible for the disposal of Petroleum Daming after delisting.