HARMONY GOLD MINING COMPANY LIMITED - ANNOUNCEMENTRelease Date: 01/03/2001 09:00:47 Code(s): HAR HARO
Harmony Gold Mining Company Limited
(Registration number 1950/038232/06)
Harmony receives board recommendation for revised offer for New Hampton
Goldfields Limited ("New Hampton")-offer declared unconditional
Harmony today announced that it intends to increase its cash offer for all the
issued capital of New Hampton to A$0.275 per share from its initial A$0.265
The revised offer lies within the assessed valuation range of A$0.19 - A$0.34
per share on a fully diluted basis, prepared by New Hampton's independent
expert, KPMG Corporate Finance ("KPMG"), and is in excess of the mid-point of
that range. KPMG has advised New Hampton that on that basis, its conclusion
will be that the offer is fair and reasonable.
The New Hampton Board has recommended that shareholders accept Harmony's offer,
in the absence of a higher offer. The New Hampton directors, with the exception
of Mr Ed Eshuys (who is recommending against acceptance), have indicated their
intention to accept with respect to their own shareholdings.
The offer for the New Hampton listed options will be increased commensurately
to A$0.045. Harmony has now declared its offer for both New Hampton shares and
The necessary approvals from the South African Reserve Bank in relation to its
offer for New Hampton have been received.
The increased offer will be financed either through an internationally
syndicated loan facility or from existing balance sheet sources.
Commenting on the offer, Harmony Chief Executive Bernard Swanepoel said that
the revised offer represents a fair price for New Hampton shareholders,
reflecting the independent expert's evaluation, and securing a board
"We are pleased that New Hampton has decided to recommend our revised offer and
we look forward to receiving prompt acceptances now that the offer is
unconditional," Mr Swanepoel said.
For further information please contact:
Tel: +27 11 412 1450 / +27 82 807 3684
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