EXX - Exxaro Resources Limited - Notification of acceptance by Equatorial Release Date: 27/02/2012 09:45:01 Code(s): EXX
EXX - Exxaro Resources Limited - Notification of acceptance by Equatorial
Exxaro Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/011076/06)
JSE share code: EXX ISIN: ZAE000084992
ADR code: EXXAY
NOTIFICATION OF ACCEPTANCE BY EQUATORIAL RESOURCES
With respect to the takeover offer for African Iron Limited (AKI) by Exxaro
Australia Iron Investments Pty Ltd (Exxaro Australia), a wholly owned subsidiary
of Exxaro Resources Limited (the Offer), Equatorial Resources Ltd (Equatorial)
has notified Exxaro Australia of its intention to accept the Offer.
Equatorial holds 99,400,000 ordinary shares and 22,075,061 listed options in
AKI, equivalent to 20.50% of the fully diluted share capital of AKI. As a result
of Equatorial`s intended acceptance, Exxaro Australia will hold in excess of
86.22% of the fully diluted share capital of AKI and consequently, following
receipt of Equatorial`s acceptance, Exxaro Australia will increase the
consideration of the Offer to $0.57 per AKI share and $0.37 per AKI listed
option. The increased consideration will be provided to all AKI shareholders and
listed optionholders who accept into the Offer, including those who have already
accepted. Shareholders and optionholders that have previously accepted the Offer
will receive an additional $0.06 per AKI share or AKI option. The additional
cash consideration of $0.06 per AKI share or AKI listed option, as the case may
be, will be paid to you as soon as possible.
Due to this offer increase, the offer period will be extended so as to end 14
days after Equatorial accepts the Offer.
Exxaro Australia urges all remaining AKI shareholders and listed optionholders
to accept the Offer without delay.
Exxaro welcomes Equatorial`s intention to accept the Offer. Exxaro is confident
that the cooperative environment that can be engendered, not only with
Equatorial which is developing the neighbouring project, but also with other
juniors in the region, will result in the successful development of mining,
logistical and social infrastructure in line with the goals of the Republic of
Exxaro Resources Limited is a diversified South African-based mining company,
listed on the JSE Limited (JSE: EXX) with a market capitalisation of
approximately R 70 billion.
Exxaro mines, extracts and processes a range of minerals and metals, including
coal, mineral sands and base metals primarily in South Africa, Australia and
China. As one of the largest South African coal producers, with capacity now
approaching 48 million tonnes per annum and the third-largest global producer of
mineral sands products, Exxaro is a significant participant in the coal and
mineral sands markets. Exxaro has a 20% interest in the Sishen Iron Ore Company,
a subsidiary of JSE listed Kumba Iron Ore Limited, which operates the Sishen and
Thabazimbi mines in South Africa.
Further information on Exxaro can be found at www.exxaro.com
Wim de Klerk
Tel: +27 12 307 4848
Sole financial advisor to Exxaro
Investec Bank (Australia) Limited and Investec Bank Limited
Gilbert + Tobin
Investec Bank Limited
27 February 2012
Sponsor to Exxaro
Deutsche Securities (SA) (Proprietary) Limited
Date: 27/02/2012 09:45:01 Supplied by www.sharenet.co.za
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