DUBAI, Dec. 30, 2020 /PRNewswire/ -- Dongshan Investments Limited (Dongshan) today announced that subsequent to Shandong Gold Mining (HongKong) Co. Ltd announcing that it has acquired a relevant interest in more than 50% of all Cardinal Resources Limited (Cardinal) shares, the minimum acceptance condition in Dongshan's proposed takeover bid for Cardinal could not be satisfied. As a result, Dongshan has considered its minimum acceptance condition and has decided that it does not wish to:

• waive its minimum acceptance condition; or
• proceed with making of the takeover bid for Cardinal in accordance with its announced intention as it would be futile to do so given that the acceptance of offer under its takeover bid would not result in satisfaction of its minimum acceptance condition.

Dongshan will be seeking the Australian Securities and Investments Commission's confirmation that it does not need to proceed with the takeover bid as announced.