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Update to Cautionary Announcement and Further Cautionary Announcement
EVRAZ Highveld Steel and Vanadium Limited
Registration number: 1960/001900/06
(Incorporated in the Republic of South Africa)
Share code: EHS ISIN ZAE000146171
(“EVRAZ Highveld” or “the Company”)
Update to Cautionary Announcement and Further Cautionary Announcement
Shareholders of the Company ("Shareholders") are referred to the cautionary
announcement released by the Company on SENS on 27 March 2013 ("the Cautionary").
Further to the Cautionary, Shareholders are advised that EVRAZ plc has released the
following announcement:
"EVRAZ plc (LSE: EVR) ("EVRAZ" or "the Company") announces the signing of a non-
binding term sheet in respect of the proposed sale of its 85% stake in EVRAZ Highveld
Steel and Vanadium Limited (“EVRAZ Highveld”) to a black economic empowerment
consortium represented by Nemascore (Pty) Ltd, for an indicative cash consideration
of approximately US$320 million (the "Transaction"). EVRAZ will utilise the sale
proceeds for general corporate purposes.
The Transaction will be the largest black economic empowerment transaction in the
South African steel sector to date. The Transaction is subject to standard due
diligence procedures and the conclusion of a formal agreement, the implementation of
which will be subject to requisite regulatory approvals. The parties expect the
Transaction to be executed and completed in the course of Q2 of 2013. The parties
have agreed upon a transition period during which EVRAZ will support the
management of EVRAZ Highveld to ensure stable operations and a smooth transfer of
the business. … ”
Should the Transaction become unconditional, in compliance with the Companies Act,
2008, a mandatory offer will be made to all the remaining Shareholders.
Shareholders are advised to continue to exercise caution when dealing with their shares
until such time as a detailed announcement is made or the cautionary announcement is
withdrawn.
For further information:
Media Relations:
Oleg Kuzmin
VP, Corporate Communications
London: +44 207 832 8998 Moscow: +7 495 937 6871
media@evraz.com
Investor Relations:
Sergey Belyakov
Director, Investor Relations
London: +44 207 832 8990 Moscow: +7 495 232 1370
ir@evraz.com
eMalahleni
28 March 2013
Sponsor
J.P. Morgan Equities South Africa Proprietary Limited
Date: 28/03/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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