Guangdong Rising Assets Management - Cash offer for Caledon Resources

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Slaughter and May is advising Guangdong Rising Assets Management Co., Ltd ("GRAM") on the recommended cash offer to be made by Guangdong Rising (Australia) Pty Ltd, a wholly-owned indirect subsidiary of GRAM to acquire Caledon Resources plc, to be effected by way of a scheme of arrangement under sections 895 to 899 of the Companies Act 2006. It is expected that the scheme will become effective by the end of August 2011.

The offer, which was announced on 23 June 2011, values Caledon at approximately £313.1 million and is being financed from GRAM's existing cash resources and bank facilities provided by Bank of China and China Minsheng Banking Corporation.

GRAM is one of the largest state-owned enterprises in China, with investments in a variety of listed and unlisted entities across a wide range of sectors, including non-ferrous metals, technology, hotels and construction.

Caledon is an AIM listed company which also has a listing on the ASX in Australia. It is a coking coal producer and explorer in the Bowen Basin of Queensland, Australia.

Robin Ogle (partner), Sarah Ullathorne (associate); Financing: Sanjev Warna-kula-suriya (partner), Isabella Costelloe (associate); Pensions & Employment: Roland Doughty (partner)