ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for alerts Register for real-time alerts, custom portfolio, and market movers

BMN.GB Bushveld Minerals Limited

1.45
0.05 (3.57%)
28 Mar 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Bushveld Minerals Limited AQSE:BMN.GB Aquis Stock Exchange Ordinary Share GG00B4TM3943
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.05 3.57% 1.45 1.20 1.70 1.45 1.40 1.40 0.00 13:54:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Bushveld Minerals Limited Update on Conditional Agreement with Vametco (0859F)

25/07/2016 7:00am

UK Regulatory


Bushveld Minerals (AQSE:BMN.GB)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Bushveld Minerals Charts.

TIDMBMN

RNS Number : 0859F

Bushveld Minerals Limited

25 July 2016

 
 25 July 2016 
 

Bushveld Minerals Ltd

("Bushveld" or the "Company")

Update on Conditional Purchase Agreement with Evraz for Vametco

Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with a portfolio of vanadium, titanium, iron ore, tin and coal assets in Africa, is pleased to announce agreed material amendments to terms of the Share Purchase Agreement ("SPA") for the acquisition of Strategic Minerals Corporation ("SMC") from Evraz Group SA ("Evraz") (the "Acquisition"), further to the announcements made on 9 May 2016, 20 June 2016 and 15 July 2016.

Bushveld Vametco Limited, in which Bushveld will have a 45 per cent. interest, has reached agreement with Evraz to adjust the consideration payable pursuant to the Acquisition and restructure the two stage completion into one. Yellow Dragon Holdings Limited ("Yellow Dragon") will hold the remaining 55 per cent. in Bushveld Vametco Limited and remains committed to providing its share of the Acquisition funding. The agreed amendments eliminate the risk of partial completion of the Acquisition.

A summary of the key amendments to the SPA is provided below:

-- Combination of the original Tranche 1 and Tranche 2 completions into a single stage completion. The transaction is now scheduled to complete on or before 31 March 2017, approximately three months earlier than the previous long stop date of 15 July 2017. Completion remains subject to Bushveld and Yellow Dragon providing the necessary funding to finance the Acquisition and is subject to the previously announced regulatory approvals being obtained;

-- Final agreed adjustment to the US$17,206,909 acquisition consideration to US$16,466,000 in accordance with working capital and net debt provisions. The amended agreement further provides for a consideration reduction mechanism as incentive for early completion;

-- Payment of an additional amount of US$646,000 as security for completion, which, together with the exclusivity fee and completion security fee paid to date of US$1,000,000 in aggregate, will be set off against the final purchase price; and

-- Bushveld Vametco will be assigned a seat on the board of SMC with observer status, up to transaction completion.

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.

Commenting on this extension, Fortune Mojapelo said "We wish to assure shareholders we remain focused on completing the 78.8 per cent interest acquisition in SMC as planned. Not only does the amendment ensure a reduced purchase consideration and an incentive to complete earlier than scheduled, but it also allows us to finance the entire acquisition as single package and eliminates any risk of partial completion of the transaction. Moreover, the revised structure ensures that, at US$1.646 million, much less cash is tied up in the transaction over a period in which Bushveld would have held a minority position in SMC pending completion of the entire transaction."

Enquiries: info@bushveldminerals.com

 
Bushveld Minerals 
 Fortune Mojapelo                    +27 (0) 11 268 6555 
Strand Hanson Limited 
 Andrew Emmott / Ritchie Balmer      +44 (0) 20 7409 3494 
Mirabaud Securities LLP 
 Rory Scott                          +44 (0) 20 7878 3360 
Beaufort Securities Limited 
 Jon Belliss                         +44 (0) 20 7382 8300 
Tavistock 
 Jos Simson/ Barney Hayward          +44 (0) 20 7920 3150 
Lifa Communications (South Africa) 
 Gabriella von Ille                   +27 (0) 711 121 907 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGRLIFEEDIIEFIR

(END) Dow Jones Newswires

July 25, 2016 02:00 ET (06:00 GMT)

1 Year Bushveld Minerals Chart

1 Year Bushveld Minerals Chart

1 Month Bushveld Minerals Chart

1 Month Bushveld Minerals Chart

Your Recent History

Delayed Upgrade Clock