Cautionary Announcement (6833H)
2011年6月1日 - 10:47PM
RNSを含む英国規制内ニュース (英語)
TIDMZCC
RNS Number : 6833H
ZCCM Invs.Hldgs PLC
01 June 2011
ZCCM INVESTMENTS HOLDINGS PLC
[Incorporated in the Republic of Zambia]
Company registration number: 771
Share Code: ZCCM -IH
ISIN: ZM0000000037
["ZCCM - IH " ]
CAUTIONARY ANNOUNCEMENT:
ZCCM INVESTMENTS HOLDINGS PLC ANNOUNCEMENT
REGARDING ITS INVESTMENT IN EQUINOX MINERALS LIMITED
Further to the Cautionary Announcement issued on 6 May 2011,
ZCCM-IH now advises its Shareholders as follows:
Equinox Minerals Limited ("Equinox") is an international mining
company that is dual listed in Canada and Australia on the Toronto
Stock Exchange and the Australian Securities Exchange. Equinox has
100% interest in Lumwana Mining Company (LMC) located in Zambia and
100% interest in the Jabal Sayid copper-gold project in the Kingdom
of Saudi Arabia.
Barrick Gold Corporation (Barrick), a Canadian company, and the
leading gold mining company in the world in terms of production,
reserves and market capitalisation, recently made an offer (the
"Offer") through its wholly owned subsidiary, Barrick Canada Inc.,
to purchase all of the issued and outstanding common shares of
Equinox by way of negotiated take-over bid at a cash price of
Cdn$8.15 per share. The Equinox Board, after consultation with its
financial and legal advisors and on receipt of a recommendation of
its special committee, has unanimously determined that the Offer is
in the best interests of Equinox and the Shareholders and,
accordingly, the Equinox Board has agreed to unanimously recommend
that Shareholders accept the offer and deposit their Shares under
the Offer.
This development has been of significant interest to ZCCM
Investments Holdings Plc (ZCCM-IH) as the Company owns 2.28%
shareholding in Equinox (as at 21 March 2011). This means that
ZCCM-IH has an indirect interest of 2.28% in LMC and 2.28% in Jabal
Sayid.
Given that ZCCM-IH's interest in Equinox is registered on the
Toronto Stock Exchange, the transaction involving Barrick is being
conducted according to the rules and regulations of Canada.
After due consideration and consultation, the Board of ZCCM-IH
has accepted the offer which will result in a cash realisation in
excess of US$160 million. The initial investment for ZCCM-IH cost
US$30 million in 2006 and therefore the potential return on
investment is in excess of 400% during the period 2006 to 2011.
If within 120 days after the date of the Offer (or such longer
period as a court may permit), the Offer has been accepted by
holders of not less than 90% of the outstanding Shares as at the
Expiry Time, excluding Shares held at the date of the Offer by or
on behalf of the Offeror or an "affiliate" or an "associate" of the
Offeror, the Offeror shall, to the extent possible, acquire the
remainder of the Shares from those Shareholders who have not
accepted the Offer on the same terms as the shares acquired under
the Offer pursuant to the provisions of Section 206 of the Canadian
Business Corporations Act. This will in effect be a Compulsory
Acquisition.
The offer by Barrick to all shareholders of Equinox represents
an opportunity for ZCCM-IH to realise value from its investment.
Upon receipt of the funds from Barrick, ZCCM-IH will ensure that
the funds are prudently managed while exploring all investment
avenues within and outside of Zambia. It must be noted that as a
listed investment company on the Lusaka Stock Exchange, ZCCM-IH
seeks to enhance value for its shareholders. The Board and
Management of ZCCM-IH will therefore ensure that the principle of
realising value for the shareholders is maintained in their daily
operations.
Accordingly shareholders are advised to exercise caution when
dealing in the company's securities until a full announcement is
made.
Lusaka, Zambia - 01 June 2011
------------------------------------------------------------------------
---------------------------
Sponsoring Broker
STOCKBROKERS ZAMBIA LIMITED
[MEMBER OF THE LuSE and REGULATED BY THE SECURITIES AND EXCHANGE
COMMISSION OF ZAMBIA]
FIRST ISSUED ON 06 May 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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