Harmony Offer For Hill 50 Declared Unconditional
Release Date: 21/02/2002 10:19:50 Code(s): HAR
Harmony Gold Mining Co. Ltd.
Johannesburg, 21 February 2002 - Harmony today announced that it has removed
all remaining conditions to its offers for Hill 50 ordinary shareholders and
listed option holders.
Hill 50 shareholders accepting Harmony's offer will now receive a
consideration of $1.40 per ordinary share and listed option holders have
been offered $0.70 per listed option. Harmony's previous condition of 90%
of shareholders having to accept the offer to qualify for the A$0,05 cents
increase in offer has now been revised.
In addition the payment terms have been changed as shareholders and listed
option holders accepting into Harmony's offers will receive payment within
five business days.
The company has been informed that the board of Hill 50 intends to recommend
that share and option holders in Hill 50 immediately accept the offers. The
Directors of Hill 50 have indicated that they will accept Harmony's offers
with respect to their own share and option holdings.
Bernard Swanepoel, chief executive of Harmony, commented, "Our acquisition
of Hill 50 can now proceed with the acceptance of its largest shareholder
which has delivered 16,3% of the company and by the board's unanimous
recommendation. We believe that this step of removing the remaining
conditions precedent will allow us to timeously incorporate these assets
into our Australian production portfolio."
The Harmony offers to the share and option holders are scheduled to close on
8 March 2002.
For further details:
On +27(0)82 807 3684
Issued by : Harmony Gold Mining Company Limited
Tel +27 11 412 1450
Fax +27 11 692 3879
Mobile +27 83 380 6614
Web Site: www.harmony.co.za
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