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GDO - Gold One International Limited - Key Chinese Government approval

Release Date: 19/10/2011 07:05
Code(s): GDO
Wrap Text

GDO - Gold One International Limited - Key Chinese Government approval received for A$0.55 per share cash offer to Gold One shareholders Gold One International Limited Registered in Western Australia under the Corporations Act, 2001 (Cth) with registration number ACN: 094 265 746 (Registered in South Africa as an external company with registration number 2009/000032/10) ISIN: AU000000GDO5 Share Code on the ASX/JSE: GDO OTCQX International: GLDZY ("Gold One" or the "company") KEY CHINESE GOVERNMENT APPROVAL RECEIVED FOR A$0.55 PER SHARE CASH OFFER TO GOLD ONE SHAREHOLDERS On 16 May 2011, Gold One International Limited announced that it had entered into an agreement to implement a transaction with a consortium of Chinese investors (the "Consortium") whereby the Consortium is seeking to become the major shareholder and long term strategic partner of Gold One. The transaction comprises a series of interdependent transactions, including a cash offer of A$0.55 per existing Gold One share and a minimum A$150 million capital injection into Gold One (the "Transaction"). Gold One is pleased to announce that the Consortium has informed the company that it has received approval to proceed with the Transaction from the National Development and Reform Commission ("NDRC") of the People`s Republic of China, one of the key Chinese government approvals required by the Consortium and a major condition precedent to completion of the Transaction. It understands that approvals by the Ministry of Commerce ("MOFCOM") and subsequently, the State Administration for Foreign Exchange ("SAFE") are on track. Gold One President and CEO Neal Froneman comments: "I am very pleased that we have reached another significant milestone in this transaction. We understand that the NDRC approval is probably the most significant of the Chinese approvals, and look forward to receiving the other approvals." Johannesburg 19 October 2011 JSE Sponsor Macquarie First South Capital (Pty) Limited Issued by Gold One International Limited www.gold1.co.za On behalf of Gold One: Neal Froneman President and CEO +27 11 726 1047 (office) +27 83 628 0226 (mobile) neal.froneman@gold1.co.za Mark Wheatley Chairman +61 2 9963 6400 (office) +61 417 688 539 (mobile) mark.wheatley@gold1.com.au Ilja Graulich Investor Relations +27 11 726 1047 (office) +27 83 604 0820 (mobile) ilja.graulich@gold1.co.za Carol Smith Investor Relations +27 11 726 1047 (office) +27 82 338 2228 (mobile) carol.smith@gold1.co.za Derek Besier Farrington National Sydney +61 2 9332 4448 (office) +61 421 768 224 (mobile) derek.besier@farrington.com.au Sean Chilvers Macquarie Capital +27 11 583 2283 (office) +27 83 280 4101 (mobile) sean.chilvers@macquarie.com Grey Egerton-Warburton Hartleys Limited +61 8 9268 2851 (office) +61 417 355 165 (mobile) grey_warburton@hartleys.com.au On behalf of the Consortium: Clement Kwong Long March Capital +86 108 515 1966 (office) +86 1860 218 9000 (mobile) clement@longmarchcapital.com Craig Forbes Rand Merchant Bank +27 11 282 1156 (office) +27 72 237 2001 (mobile) craig.forbes@rmb.co.za About Gold One Gold One is a gold producer listed on the financial markets operated by the ASX Limited and the JSE Limited, issuer code GDO. Its flagship operation is the newly built shallow Modder East mine on the East Rand, some 30 kilometres from Johannesburg. Modder East is the first new mine to be built in the region in 28 years and distinguishes itself from most of the other gold mines in South Africa owing to its shallow nature (300 metres to 500 metres below surface). To date Modder East has provided direct employment opportunities for over 1 100 people. Gold One also owns the nearby existing Sub Nigel mine, which is used primarily as a training centre in the build-up of Modder East to full production. Gold One`s other projects and targets include Ventersburg in the Free State Goldfields, the Tulo concession in Mozambique and the Etendeka greenfield project in Namibia. Gold One has an issued share capital of 809,004,592 shares. About the Consortium The members of the Consortium are established and based in the People`s Republic of China (PRC). The Consortium is led principally by Baiyin Non- Ferrous Group Co Ltd, which is a Gansu-based resources smelting and extraction company with a history of more than 50 years in China. China Africa Development Fund is primarily a financial investor, and its parent, the China Development Bank Corporation is also interested in exploring opportunities for follow-on debt and acquisition financing arising from an investment in Gold One. Long March Capital Limited is a privately-held investment manager based in Beijing and focussed on the transactional management of resources investments by Chinese capital abroad. Long March Capital Limited co-invests in transactions such as the investment in Gold One, which will be made through co-managed PRC-based and offshore investment vehicles. CITIC Kingview Capital Management Co. Ltd is an investment management company, established in 2007, and held jointly by CITIC Group, CITIC Trust and CITIC Capital, which focuses on the management of Chinese corporate and individual capital investing in various sectors including real estate, private equity, pre-IPOs and resources. This news release does not constitute investment advice. Neither this news release nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of securities in any jurisdiction. This announcement is not for distribution, directly or indirectly, in or into the United States and does not constitute or form part of an offer or solicitation to acquire any securities of Gold One in the United States. Date: 19/10/2011 07:05:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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