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ZCI LIMITED - CANCELLATION OF S366394 Renewal of cautionary announcement

Release Date: 17/12/2015 11:29
Code(s): ZCI     PDF:  
Wrap Text
CANCELLATION OF S366394 Renewal of cautionary announcement

ZCI Limited
(Bermudian registration number 661:1969)
(South African registration number 1970/000023/10)
JSE share code: ZCI
ISIN: BMG9887P1068
Euronext share code: BMG9887P1068
("ZCI" or "the Company" or “the Group”)

UPDATED CAUTIONARY ANNOUNCEMENT

Shareholders are referred to the updated cautionary announcement released by ZCI on 18
November 2015, wherein shareholders were referred to the cautionary announcement
released by ZCI on 9 October 2015 in relation to the funding requirements of the Group, and
the announcement released on 16 November regarding a provisional winding-up order
granted by the Botswana High Court following the application for the provisional liquidation of
Messina Copper (Botswana) Pty Ltd (“Messina”), the operating subsidiary of ZCI’s subsidiary,
African Copper Plc (“ACU”), brought by Diesel Power Mining (Pty) Ltd, Messina’s mining
contractor.

Shareholders are further advised that at a hearing of the Botswana High Court, held on 11
December 2015, the provisional order for the winding up of Messina was made final. The first
step in the liquidation proceedings will be the appointment of the final liquidator, to take place
at a meeting to be called by the provisional liquidator at a yet to be determined future date.

ACU currently has interest-bearing loans (including accrued interest) with ZCI totalling
US$105 million, excluding the existing convertible loan of a further US$7.4 million. As at the
date of this announcement, the board of directors of ZCI cannot reliably estimate the extent of
any potential proceeds arising as a result of the potential liquidation proceedings.

The Company will provide updates to stakeholders as and when further information becomes
available. Accordingly, shareholders are advised to exercise caution when dealing in ZCI
shares until such date as further information in relation to the above matter, including the full
financial impact thereof, has been made available.

15 December 2015
Bermuda
Sponsor: Bridge Capital Advisors Proprietary Limited

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