AFRICAN RAINBOW MINERALS LIMITED - Voluntary Announcement: Fulfilment of Conditions Precedent regarding the Disposal

Release Date: 22/12/2017 12:05
Code(s): ARI
 
Wrap Text
Voluntary Announcement: Fulfilment of Conditions Precedent regarding the Disposal

AFRICAN RAINBOW MINERALS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1933/004580/06
Share code: ARI
ISIN: ZAE000054045
(“ARM” or “the Company”)


VOLUNTARY      ANNOUNCEMENT:   FULFILMENT   OF   CONDITIONS   PRECEDENT
REGARDING THE DISPOSAL OF ARM’S INTEREST IN LUBAMBE COPPER MINE
(THE “DISPOSAL”)

Further to the announcement released on the Stock Exchange News
Service of the JSE Limited on Tuesday, 15 August 2017, ARM
shareholders      are   advised   that   all     conditions   precedent
pertaining to the Disposal have now been fulfilled. The disposal
of the equally held 80% interest of ARM and Vale International
SA, a wholly owned subsidiary of Vale S.A. (“Vale”), in Lubambe
Mine therefore became unconditional on 21 December 2017.

The    total    purchase   consideration       payable,   directly   and
indirectly, to ARM and Vale in respect of the Disposal is
US$97.10 million, which will be settled in cash. The final amount
receivable, directly and indirectly, by ARM and Vale, is subject
to, amongst others, the following adjustments, which will be
finalised on completion of the Disposal:

       i.    settlement of Lubambe’s general banking facility of
             approximately US$26 million;
      ii.    payment of property transfer tax payable in an amount
             of approximately US$10 million; and
      iii.   refund of funding provided to Lubambe after 1 May 2017
             in an amount of approximately US$25 million.
For all investor relations queries, please contact:

Jongisa Magagula
Head of Investor Relations and Corporate Development
Office: +27 11 779 1507
Mobile: +27 82 562 5288
Email: jongisa.magagula@arm.co.za

Johannesburg
22 December 2017

Investment Bank and Transaction Sponsor to ARM
The Standard Bank of South Africa Limited

Legal adviser to ARM
Bowman Gilfillan

Sponsor to ARM
Deutsche Securities (SA) Proprietary Limited
Date: 22/12/2017 12:05:00 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.

Email this JSE Sens Item to a Friend.

Share This Story