24.2percents PE INTO ER SHAREHOLDER IN 2009/03/19 TO RESULT INTO 6.3percents MMC STAKE WORTH
1.47 – 1.72 B HKD (190.4M USD-222.14M USD) ON 2010/10/13
 
According to MMC prospectus,
 
“On March 19, 2009, Ancora Investments No. 2 Limited became a beneficial owner of ER LLC when it acquired an approximately 24.2percents indirect shareholding interest in Tengeriin Tsag Group LLC, which then held 4,106,907 shares (approximately 33.0percents) in ER LLC.
 
Ancora Investments No. 2 Limited
 
Ancora Investments No. 2 Limited was formed by the principals of the Ancora Capital private equity funds which specialize in investing in the natural resources sector. The principals have broad experience in managing private equity funds and working in investment banks and energy companies specializing in mergers, acquisitions and financings in the mining industry. Ancora Investments No. 2 Limited is owned as to approximately 20.8percents by Ancora Investments HK Ltd. and 79.2percents by Casafina Offshore Limited. The owners of Ancora Investments HK Ltd. are Mr. Ivor Orchard (approximately 52.6percents), Mr. Jason Cheng (approximately 45.9percents) and Mr. Gar Lon Liu (approximately 1.5percents). Casafina Offshore Limited is wholly owned by Graydens Development Ltd which in turn is wholly owned by Ms. Veronica Lukito.
 
The founder of Ancora Capital, in his investment banking capacity, advised various parties regarding their strategic options with respect to the Tavan Tolgoi coal deposit in South Gobi, Mongolia and became acquainted with our Group. Given the experience of Ancora Investments No.2 Limited in the natural resources sector and its international relationships, it was given the opportunity to invest in ER LLC on March 19, 2009 when it acquired an approximately 24.2percents indirect shareholding interest in Tengeriin Tsag Group LLC, one of the shareholders of ER LLC at that time.
 
The entire issued share capital of Ancora Investments No.2 Limited is owned as to approximately 79.2percents by Casafina Offshore Limited (“Casafina”) and approximately 20.8percents by Ancora Investments HK Ltd. Casafina is a wholly-owned subsidiary of Graydens Development Ltd (“Graydens”) which in turn is wholly owned by Ms. Veronica Lukito. Ms. Veronica Lukito, Graydens and Casafina are deemed to have an interest in the 228,000,000 Shares held by Ancora Investments No.2 Limited under the provisions of the SFO.




 According to Wharton School of University of Pennsylvania on February 5, 2010 “Veronica Lukito is a co-founder and Managing Director of Ancora Capital Management, a Singapore-based private equity fund management firm focusing on investments in Indonesia. Ancora has fully invested its first fund and is in the process of establishing its second fund. This fund will have an anticipated size of US$300 million and will seek to invest primarily in natural resources, consumer-related and similar businesses, and special situations.

At Ancora, Veronica is the principal investor responsible for securing investments, capital raising, and managing and monitoring the performance of the portfolio companies. As a principal of Fund I, Veronica co-sourced its investment in PT Apexindo Pratama Duta Tbk (one of the largest offshore oil rig operators in Indonesia), and was involved in the negotiation and execution of its investment in and divestment of PT Bumi Resources Tbk (the largest coal producer in Indonesia).

Prior to working on principal investments, she was a Vice President in the investment banking division at PT J.P. Morgan Securities Indonesia where she handled client relationships and sourced numerous transactions encompassing financing, acquisitions and corporate restructuring deals. Prior to J.P. Morgan, Veronica spent two years at PT Indosat Tbk, the second-largest telecom operator in Indonesia, where she was the Company Board Secretary. Veronica started her career as an investment banker as an Assistant Vice President at PT Bahana Securities, which was Goldman Sachs’ Indonesian partner. Veronica also spent three years as a corporate and credit banker at Citibank N.A., Indonesia branch, handling top-tier Indonesian conglomerate relationships. Veronica has a B.S.BA in Finance from the University of California, Berkeley.”