APAC Resources Limited (SEHK:1104) entered into an agreement to acquire 38.09% stake in Tanami Gold NL (ASX:TAM) from Allied Properties (H.K.) Limited (SEHK:56) for AUD 20.1 million on February 2, 2018. Under the agreement, APAC Resources Limited will acquire approximately 450 million shares of Tanami Gold NL. Post-acquisition Tanami Gold NL will be accounted for as an investment in an associate of APAC Resources Limited. APAC Resources Limited has established the Independent Board Committee, comprising all the Independent Non-Executive Directors, to advise the Independent Shareholders. The Board of Directors of APAC Resources Limited are of the view that terms and conditions of the agreement are fair and reasonable. The transaction is subject to certain conditions including Tanami Gold NL shareholders' approval, independent shareholders' approval of APAC Resources Limited and Allied Properties and no objection certificate related to the transaction from Commonwealth Government of Australia. If any interim order is made against the transaction, then share sale agreement will lapse without a final order being made.

If any of the conditions are not fulfilled or waived by APAC Resources Limited in accordance with the share sale agreement on or before May 2, 2018 (cutoff date), the agreement will be terminated automatically. Completion shall take place within 10 business days after all the conditions is fulfilled or waived. As of March 16, 2018, the circular for transaction has been filled. Beijing Securities Limited considers the transaction as fair and reasonable and advised Independent Board Committee of APAC Resources Limited to recommend shareholders to vote in favor of transaction. The Independent Board Committee of APAC Resources Limited recommended independent shareholders to vote in favor of transaction. The meeting of shareholders will take place on April 11, 2018 to approve the transaction. As of May 2, 2018, the transaction has been postponed to August 31, 2018. As on May 4, 2018 the transaction is approved by shareholders of APAC Resources Limited. As of May 23, 2018, Tanami Gold NL shareholders has approved the transaction. Beijing Securities Limited acted independent financial advisor for APAC Resources Limited. Sherif Andrawes, Ashton Lombardo and Michael Riddle of BDO Corporate Finance (WA) Pty Ltd acted as financial advisor and Addisons acted as legal advisor for Tanami Gold NL. James Nicholls and Geoff Simpson of Allen & Overy Australia acted as legal advisor to Tanami Gold NL.

APAC Resources Limited (SEHK:1104) completed the acquisition of 38.09% stake in Tanami Gold NL (ASX:TAM) from Allied Properties (H.K.) Limited (SEHK:56) on June 5, 2018. All conditions precedent to the transaction have been fulfilled.