Hartawan

Hartawan: Noted on the share price increase. Latest news was 31 Oct, on its extension of longstop date to 31 Dec 13, pursuant to its RTO of Wilton Resources Hartawan's two-year pursuit of Wilton Resources Holdings has been brought back to life with the group seeking shareholder approval for its $300m acquisition via the issue of 1.5b new shares at $0.20 apiece. The subsequent reverse takeover will transform Hartawan from a property leasing and hospitality group into a gold-mining company. Thereafter, Hartawan Holdings will be known as Wilton Resources Corp. The last update on Wilton's concession blocks was way back in Sep/Oct 12, which gave an inspection summary of 3,038 tons of gold ore stockpile at its Ciemas Gold Project, covering 3,078 ha in Pasir Manggu, West Java, Indonesia. Based on a valuation report by Greater China Appraisal dated Jun 12, the fair value estimate of the Ciemas Gold Project is US$335m. As a payment for corporate advisory services, Hartawan will issue an additional 4.4m shares to Canaccord Genuity. Post acquisition, Hartawan will undergo a 12-into-10 share consolidation on its enlarged share base of 2,316.5m shares. Approval of the acquisition will be sought at the upcoming EGM to be held on 21 Oct. Meantime, CEO Winstedt Chong Thim Pheng has accumulated an aggregate 569,000 shares on the open market over the past ten months at 12.7-14.4¢ per share, raising his stake to 23.1%.