On closing of the bid, Linyi assumed a 98% interest in Rocklands shares and has reconstituted the explorer’s board.

All Rocklands shareholders who had validly accepted the offer will receive payment from Linyi by September 27. Linyi intends to proceed with the compulsory acquisition of remaining Rocklands shares and will arrange for the explorer to be removed from the official list of the Australian Stock Exchange.

It is expected that Rocklands will be delisted from ASX by the end of the month.

Rocklands announced yesterday that Chenglu Liu would take over as chairman with Xicheng Zhang and Huanjun Yin as deputy chairman and executive director, respectively.

Executive chairman and chief executive Benny Wu will step down, as will non-executive directors Li Nai San, Liu Ta Pei and Rajesh Bhatia.