Baobab Resources PLC Amended Level of Acceptances (6734M)

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RNS Number : 6734M

Baobab Resources PLC

08 May 2015

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

8 May 2015

Baobab Resources Plc (the "Company")

De-Listing Proposal

and

Recommended Cash Takeover Offer

Redbird Investments Limited

to acquire the entire issued and to be issued ordinary share capital of

Baobab Resources Plc

not already owned by Redbird or its associated entities

Amended Level of Acceptances

On 1 May 2015 Redbird Investments Limited ("Redbird") announced that as at 1pm on 1 May 2015, its cash offer for all of the Company's ordinary shares of 1 pence each ("Shares") not already owned by Redbird (the "Offer") was closed for acceptance, having received valid acceptances in respect of 166,345,621 Shares, including an acceptance in respect of 1,500,000 Shares on behalf of the Company's Chairman, Jeremy Dowler.

Redbird has since been made aware that additional acceptances, on behalf of Jeremy Dowler, in relation to a further 3,925,000 Shares were mistakenly submitted and therefore included in the previously announced level of acceptances. At the request of Mr Dowler, Redbird has agreed that these additional acceptances be recalled, such that Mr Dowler has accepted the Offer in respect of only 1,500,000 Shares in line with his previously announced intentions.

Furthermore, Redbird has agreed to treat as valid acceptances in respect of 335,092 Shares received before 1pm on 1 May 2015, which were incomplete and therefore treated as invalid and therefore not included in the previously announced level of acceptances. The Offer remains closed for acceptance.

As a result of the above, Redbird has now received valid acceptances of the Offer in respect of 162,755,713 Shares (representing approximately 46.55 per cent. of the issued share capital of the Company). In addition, as at 27 March 2015, Redbird owned 140,041,802 Shares, which represents 40.05 per cent. of the issued share capital of the Company. Accordingly, Redbird either owned or has received valid acceptances of the Offer in respect of 302,797,515 Shares, representing approximately 86.59 per cent. of the issued share capital of the Company.

The percentages of Shares referred to in this announcement are based upon a figure of 349,671,759 Shares in issue on the date of this announcement.

The full terms and conditions of the Offer and the procedures for acceptance thereof were set out in the offer document issued by Redbird on 27 March 2015 (the "Offer Document").

Unless otherwise stated, defined terms used in this announcement have the meaning ascribed to them in the Offer Document.

Enquiries:

 
 Baobab Resources Plc 
  Ben James (Managing Director)      Tel: +258 21 486 404 
  Jeremy Dowler (Chairman)           Tel: +44 1372 450529 
  Frank Eagar (Finance Director)     Tel: +27 76 753 5377 
 Canaccord Genuity Limited         Tel: +44 20 7523 8000 
  (NOMAD, broker and financial 
  adviser to the Independent 
  Directors) 
  Henry Fitzgerald-O'Connor 
  Chris Fincken 
 GMP Securities Europe             Tel: +44 20 7647 2800 
  LLP (financial adviser 
  to Redbird) 
  Richard Greenfield 
  Andrew Young

Further Information

GMP Securities Europe LLP ("GMP") is acting as financial adviser to Redbird on the Offer. GMP, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Redbird and no one else in connection with the Offer and will not regard any other person as its client in relation to the matters described herein and will not be responsible to anyone other than Redbird for providing the protections afforded to clients of GMP, nor for providing advice in relation to the Offer or any matter or arrangement referred to in this announcement.

Canaccord Genuity Limited is acting as financial and Rule 3 adviser to the Independent Directors on the Offer. Canaccord Genuity Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for the Independent Directors and no one else in connection with the Offer and will not be responsible to anyone other than the Independent Directors for providing the protections afforded to clients of Canaccord Genuity Limited nor for providing advice in relation to matters described in this announcement, nor for providing advice in relation to the Offer or any other matter or arrangement referred to in this announcement.

This announcement is for information purposes only and does not constitute an offer to sell or an invitation to purchase any securities or the solicitation of an offer to buy any securities, pursuant to the Offer or otherwise. The Offer is being made solely by means of the Offer Document and the Form of Acceptance accompanying the Offer Document, which contain the full terms and Conditions of the Offer, including details of how the Offer may be accepted. Any acceptance or other response to the proposals should be made on the basis of the information in the Offer Document.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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