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Lonmin - Posting of offer documents

Release Date: 15/04/2005 08:00
Code(s): LON
Wrap Text

Lonmin - Posting of offer documents Lonmin plc Reg no: 1969/000015/10 Code: LON ISIN: GB0031192486 ("Lonmin") News Release Lonmin Plc and Southern Platinum Corp Announce Mailing of Offering Documents and Directors" Circular to Shareholders of Southern Platinum Corp. LONDON and TORONTO - April 14, 2005 -- Lonmin Plc ("Lonmin") and Southern Platinum Corp ("Southern Platinum") announce that today the companies have jointly mailed, in Toronto, offering documents, together with a Directors" Circular supporting the Lonmin Offer (the "Offer"), to the shareholders of Southern Platinum in connection with its cash offer for all of the issued and outstanding common shares of Southern Platinum at a price of C$2.66 per common share. The offering documents have been filed with all applicable securities regulators and will be available on the SEDAR website at www.sedar.com and Southern Platinum"s website at www.southplats.com. Copies of the documents can also be viewed on the Lonmin website at www.lonmin.com and will be submitted to the UK Listing Authority for viewing at the UK Listing Authority"s Document Viewing Facility, situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS. Tel No (0) 20 7676 1000. The Offer will be open for acceptance until 5:00 p.m., Eastern Standard Time (EST), on May 20, 2005, unless extended or withdrawn by Lonmin. Holders of Southern Platinum shares must tender by the expiration time in order to receive the C$2.66 cash payment. As described in the offering documents, Lonmin"s offer holds attractive benefits for Southern Platinum shareholders, including: A 39% premium over the closing share price on November 23, 2004, the last trading day prior to Southern Platinum"s announcement that it was in continuing discussions with its lenders to arrange the restructuring of the Messina project debt facility and that in parallel, Southern Platinum was in discussions with various other parties, including major platinum companies, to replace or eliminate its syndicated project debt facility; 100% cash consideration and low transaction execution risk; and A solution to the operating and financial risks facing Southern Platinum and its shareholders. The Board of Directors and Management of Southern Platinum have agreed to support the Offer. Each of the directors and officers of Southern Platinum holding common shares, representing in the aggregate approximately 2% of the issued and outstanding common shares, has agreed to deposit their shares under the Offer, and not withdraw them, except in limited circumstances. The Board of Directors and a special committee of independent directors of Southern Platinum have both determined unanimously that the consideration under the Offer is fair to holders of the common shares and is in the best interests of Southern Platinum. The Board and special committee have unanimously recommended that shareholders accept the Offer and deposit their shares under the Offer. RBC Capital Markets., as financial advisor to Southern Platinum, has advised the special committee and Southern Platinum"s board that the consideration under the Offer is fair, from a financial point of view, to Southern Platinum shareholders. For further information about tendering procedures or the Offer, Southern Platinum shareholders can contact Innisfree M&A Incorporated at 1-888-750-5834 (English speakers) or 1-877-750-9498 (French speakers) About Lonmin : Lonmin Plc is the third-largest and the lowest-cost primary platinum producer in the world from its operations on South Africa"s Bushveld Igneous Complex, Lonmin Platinum. It has an 82% interest in these assets which produce over 900,000 ounces of Platinum per annum. The remaining 18% is owned by Incwala Resources, a black economic empowerment group. Lonmin Platinum operates three mines, a smelter, base metals refinery and precious metals refinery. Lonmin markets 100% of the metals produced through a wholly owned subsidiary, almost entirely on long term contracts. The mines, smelter and base metals refinery are located in the Marikana district to the east of the town of Rustenburg in the North West Province of South Africa. Two Platinum-bearing reefs of UG2 and Merensky are mined simultaneously in the lease area over a strike of some 27 kilometers at an average depth of 360 meters. Underground mining predominates, although open cast mining is being carried out at all three mines. The precious metal refinery is situated in Brakpan in the Gauteng Province. For Further Information: Lonmin Plc John Robinson, Chief Financial Officer - +44 20 7201 6032 Albert Jamieson, Vice President, Business Development - +27 11 516 1323 Jack Jones, Vice President, Business Development - +44 20 7201 6007 Southern Platinum Corp. Chris Reynolds, Corporate Secretary - + 1 416 359 7800 Media Enquiries: Lonmin Plc, United Kingdom Nadja Vetter Anthony Cardew CardewGroup - +44 20 7930 0777 South Africa Nicholas Williams Johannes van Niekerk College Hill - +27 11 447 3030 Canada John Lute Lute & Company - +416 929 5883 ext 222 End Date: 15/04/2005 08:00:06 AM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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