Yanzhou still requires China Securities Regulatory Commission approval, but Felix expects this to be granted in the next few days.

 

With both approvals in hand, Felix expects Yanzhou’s scheme of arrangement to be implemented by new year’s eve.

 

Yanzhou has helped speed up the process by waiving the conditions of the offer that involved Felix’s joint venture partners, including the partners of the Ashton and Minerva operations.

 

Felix’s shareholder meeting starts at 10am Brisbane time.

 

Yanzhou launched its takeover offer in August at $16.95 a share, but Felix’s two fully franked 50c dividends and a planned post-takeover 5c spin-off listing of its South Australian Coal Corporation subsidiary brought the package to $18 a share.

 

Felix shares are up 1c to $16.87.