EXX - Exxaro - News Release - Exxaro Increases Share Free Float To 25,7%
Exxaro Resources Limited
(Previously Kumba Resources Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2000/011076/06)
(Share code: EXX & ISIN: ZAE000084992)
("Exxaro" or "the company")
16 April 2007
EXXARO INCREASES SHARE FREE FLOAT TO 25,7%
Diversified resources group Exxaro Resources Limited (Exxaro) has announced the
finalisation of the repurchase and placing of Exxaro ordinary shares in the
market to exceed its target of at least a 25% free float.
A total of 19 million shares, representing 5,4% of the issued share capital of
Exxaro on 3 April 2007, was placed through an accelerated bookbuild process.
These shares were settled on 13 April 2007 and increased Exxaro`s free float to
The 19 million shares comprise 10 million shares placed by Exxaro following a
repurchase of 10 million shares by Exxaro from Anglo South Africa Capital
(Proprietary) Limited (ASAC) as part of an option exercised on 4 April 2007 and
implemented on 13 April 2007 and nine million shares placed by ASAC as part of
its commitment to assist Exxaro in increasing its free float to above the
"We are pleased to have increased the number of Exxaro shares in the hands of
public shareholders, exceeding the 20% minimum shareholder spread requirements
set by the JSE Limited. We have exceeded our stated target of a 25% free float
which will support the overall rating of the Exxaro share price," said Dr Con
Fauconnier, Exxaro`s chief executive officer.
The shares were placed at R64 per share, raising gross proceeds of R1,2 billion.
The share placement price represented a discount of 1,5% to the closing price of
Exxaro shares on the JSE Limited on 2 April 2007 which was used to price the
offer. As the placing of the 10 million shares by Exxaro exceeded the exercise
price of R45,99 per share stipulated in the option agreement, the net profits
realised will be divided between ASAC and Exxaro, with ASAC receiving 66,6% and
Exxaro is a diversified resources group with interests in the coal, mineral
sands, base metals, industrial minerals and iron ore commodities. www.exxaro.com
Executive General Manager: Corporate Affairs & Investor Relations
Tel: +27 (0) 12 307 3292
Mobile: +27 (0) 83 609 1444
Date: 16/04/2007 11:18:00 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department .