AMG Bioenergy says acquisition of China plantations to take longer to close
Nov 18, 2011 - Canadian AMG Bioenergy Resources Holdings Ltd (CVE:ABG) yesterday said that its acquisition of jatropha and eucalyptus plantations in China would close later than previously expected.
The company said that the delay was due to new rules in China, under which there should be a 40-day cooling-off period before the transfer of the plantations can take place. During this period any stakeholders can register claims to the properties or protest against their transfer.
AMG Bioenergy had previously expected its purchase of a 133-ha (329 acre) jatropha plantation and a 201-ha eucalyptus plantation, as well as related land use rights, to be completed on or around October 21.
Now it expects the plantations to be transferred on or round December 15, with the completion of the deal remaining subject to conditions, including a positive legal opinion. Should the transfer occur on December 15 and should the company's Chinese counsel then provide a satisfactory opinion, the transaction is expected to close by December 18, the company said.