|Off topic, I know - but, HZM well worth a look - please see three recent articles, newsflow due to commence in January, and market capital of only £3m.
Enormous potential, and well funded for the next 12 months.
a monthly stock review from GE&CR:http://uk-analyst.com/shop/page-article/action-article.show/id-130001650|
|it depends on the price of first quan shares as well|
|JLP will be next...;0)|
|I'm a bit confused at the shares trading about 15% lower than the bid, perhaps there is the chance to turn a profit by buying more now and waiting for the deal to go through?....|
|nice premium for buyers in low,75p bid by quantum.|
|RNS Number : 8893C
23 November 2009
JSE - KWR
AIM - KIW
ISIN - GB0007702953
23 November 2009
("Kiwara" or the "Company")
First Quantum MINERALS TO ACQUIRE KIWARA PLC
cash AND EQUITY transaction valued at APPROXIMATELY us$260.2 MILLION
(All dollar amounts are expressed in United States dollars, except as otherwise indicated where GBP = British pounds; Cdn.$ = Canadian dollars)
First Quantum Minerals Ltd. ("First Quantum", TSX Symbol "FM", LSE Symbol "FQM") and Kiwara PLC ("Kiwara", LSE AIM Symbol - "KIW", JSE Symbol "KWR") are pleased to announce that they have entered into an implementation agreement pursuant to which First Quantum will acquire the entire issued share capital of Kiwara (the "Offer") by way of a scheme of arrangement (the "Scheme").
Pursuant to the Scheme, Kiwara shareholders will receive 0.0085 First Quantum shares and GBP0.375 for every Kiwara share held. The implied value of the purchase price is GBP0.75 per Kiwara share based on an agreed market price of £43.68 for one First Quantum share on the LSE. This represents a 41.5% premium to the closing price of Kiwara's shares on AIM on November 20, 2009, and a 35.5% premium to the volume-weighted average trading price of Kiwara shares on AIM for the 20 trading days ended November 20, 2009. In total, the cash and equity transaction is valued at approximately US$260.2 million (GBP157.6 million) and is expected to result in the issuance of approximately 1,884,448 million new First Quantum shares.
First Quantum has approached each director of Kiwara and Cardiff Property plc, City National Resources High Yield Trust, Derek Joseph, New African Mining Fund, Geiger Counter and Ian Reynolds holding approximately 76.05% of the issued share capital of Kiwara who have irrevocably undertaken to vote in favour of the Scheme subject to certain exceptions.
The board of directors of Kiwara considers that the Offer is fair and reasonable and unanimously recommends that Kiwara shareholders vote in favour of the Offer. The board of directors of Kiwara has retained Moore Stephens Corporate Finance (Moore Stephens (Johannesburg) Corporate Finance (Pty) Limited) as an independent expert to advise it on the fairness of the Offer as it relates to Kiwara shareholders. The opinion of the independent expert will be disclosed to Kiwara shareholders in due course.
Commenting on the transaction, Mr. Colin Bird, Chairman of Kiwara said, "In the evolution of a major mining project, management is constantly faced with matching progress with overall resource capacity. Kiwara has recognized that the Kalumbila project and indeed the licence area in general, has potential well in excess of our current resource capability.
This transaction with First Quantum puts the project into a management team with a proven track record to implement major projects on time and to specification. The Board therefore has no hesitation in recommending this transaction consisting of cash and shares with the knowledge that best industry practice will be applied throughout.
The directors and management of Kiwara wish First Quantum all the success in their ongoing development of what has the potential to become a very significant mine."
Mr. Philip Pascall, Chairman and Chief Executive Officer of First Quantum noted, "This transaction is consistent with First Quantum's strategy of acquiring projects to which we can add value by applying our considerable technical expertise. In addition, we believe our many years of successful operations in the Copperbelt and Zambia in particular will be beneficial in the development and eventual operation of the new assets."
About the Transaction
The Offer will be implemented by way of a scheme of arrangement (the "Scheme") in accordance with Part 26 of the UK Companies Act of 2006, as amended, to be proposed by Kiwara between Kiwara and its shareholders ("Scheme Members").
A circular containing the terms of the Offer is expected to be posted to the Kiwara shareholders by December 18 2009. The meeting of Scheme Members to approve the Scheme is expected to be held on January 11, 2010 and the general meeting of Kiwara shareholders to approve and implement the Scheme and approve such other matters necessary or desirable for the purposes of implementing the Scheme is expected to be held on January 11, 2010. The High Court of England and Wales hearing to sanction the Scheme is expected be held on January 28, 2010 and subject to the satisfaction or waiver of the conditions to the Scheme becoming effective, the Scheme is expected to become effective by January 29, 2010.
The Scheme contains customary non-solicitation provisions and the agreement that a compensation fee of GBP1.7 million will be payable by Kiwara to First Quantum if the Offer does not proceed for reasons relating to Kiwara and a compensation fee of GBP2.0 million will be payable by First Quantum to Kiwara if the Offer does not proceed for reasons relating to First Quantum.
Details regarding these and other terms of the transaction are set out in the circular, which once posted to shareholders, will also be available on Kiwara's website at www.kiwara.co.uk. All shareholders are urged to read the circular once it becomes available as it will contain additional important information concerning the transaction.
Kiwara's advisors in connection with the transaction are:
Financial adviser: FinnCap
Nominated adviser: FinnCap
Legal adviser in the UK: Fasken Martineau LLP
Legal adviser in South Africa: Eversheds
JSE Sponsor: Sasfin Capital
Independent expert Moore Stephens
First Quantum's advisors in connection with the transaction are:
Legal adviser in the UK: McCarthy Tetrault
Legal adviser in Canada: McCarthy Tetrault
Kiwara is a mineral exploration and development company, focusing on base metals in Zambia. The company's asset is a controlling interest in mineral prospecting licences (the "Licence Area") on the periphery of the Kabombo Dome in North Western Province, Zambia. Kiwara has a market capitalization of approximately GBP105.4 million based on the closing price of GBP0.53 per Kiwara share on AIM on November 20, 2009.
The Licence Area includes the Kalumbila Copper deposit. On October 21, 2009, Kiwara announced the first results of its in-fill drill program at Kalumbila. The program is part of a study by Snowden Mining Consultancy to advise on a pre-feasibility study at Kalumbila. The initial focus of the study is to establish an indicated resource on the open-pittable mineralization identified by drill results to date.
Also contained in the Licence Area are the Kawako Nickel prospect and the Kawanga Uranium prospect. Preliminary drilling carried out to date suggests that both prospects have significant upside potential.
For further information, please visit www.kiwara.co.uk or contact:
Colin Bird, Chairman at +27 (0) 11253 3280
Peter Vivian-Neal at +260 (0) 211 257453
About First Quantum
First Quantum is a growing mining and metals company engaged in mineral exploration, development and mining. The company produces LME grade "A" copper cathode, copper in concentrate, gold and sulphuric acid. First Quantum's shares are listed for trading on the TSX (symbol: FM) and the LSE (symbol: FQM). The company has a market capitalization of approximately GBP3.4 billion based on the closing price on the LSE on November 20, 2009.
First Quantum's assets in Zambia include the 80% owned Kansanshi open pit copper-gold mine, the 100% owned Fishtie copper project and the 100% owned Bwana Mkubwa SX/EW facility and sulphuric acid plants. First Quantum also holds strategic investments in Mopani Copper Mines (16.9%), operator of the Nkana underground copper mine and cobalt refinery and the Mufulira underground copper mine, smelter and copper refinery, as well as Equinox Minerals Ltd. (16.32%), a publicly-traded company that operates the Lumwana copper mine. In the Democratic Republic of Congo, First Quantum operates the 95% owned open pit Frontier copper mine and holds a 65% ownership in the Kolwezi copper-cobalt tailings project. In Mauritania, First Quantum operates the 80% owned Guelb Moghrein copper-gold mine. In Finland, the Company owns the 100% Kevitsa nickel-copper-PGE project.
On Behalf of the Board of Directors
First Quantum Minerals Ltd. Kiwara Plc
G. Clive Newall Colin Bird
President Executive Chairman
Listed in Standard and Poor's
Tel: +27 (0) 1125 3280
First Quantum Minerals Ltd
Tel: +44 140 327 3484
Tel: +260 (0) 211 257453
First Quantum Minerals Ltd
Tel: +1 647 346 3934 or
+1 888 688 6577
Matthew Robinson / Clive Carver / Ed Frisby
Tel: +44 (0) 20 7600 1658
Hogarth Partnership Ltd.
Tel: +44 (0) 20 7357 9477
Tel: +27 (0) 11 809 7500
Tel: +44 (0) 20 7562 3350|
|Jumped into day, this moves up with little trade, whats it really worth, any guesses???|
|Good update from Kiwara today....
21st October 2009
("Kiwara" or the "Company")
Kalumbila pit in-fill drilling shows good results confirming strike and dip
The Board of Kiwara, the Zambian based exploration and mine development Company,
is pleased to announce the first results of its in-fill drill programme at
Kalumbila, which continue to report thick intersections of copper at or above
base model grade.
* In-fill drill programme results demonstrating continuity from near surface to
* Borehole ("B/H") L57 intersected 20.4m grading 0.94% Cu from 12.8m and 45.6m
also grading 0.94% Cu from 167.6m;
* B/H L47 intersected 49.2m grading 0.89% Cu from 218.6m;
* B/H L56 intersected 59.6m grading 0.69% Cu from 254.4m, including 19.4m at
1.06% Cu from 289.3m;
* B/H L60 intersected 58.0m grading 0.75% Cu from 139.0m including 16.1m grading
1.10% Cu from 157.7m.
Colin Bird (Chairman) says: "This in-fill drilling programme is designed to
advance the project to feasibility study. In so doing the key issue to address
is continuity, both strike and dip. I am pleased that these results confirm such
continuity and also show good widths of significantly higher grade than the base
pit model. We are continuing to aggressively drill the pit area with a view to
optimisation and possible extension, which these results appear to support."|
|failed,go on the jlp website..( link can be found on JLP bb)..read the interview with winny/colin...he thinks that kiwara has the potential to be a massive play.|
|Bought a few of these today... Good write up in Shares magazine this week, sounds quite promising.|
|Surely that extract is from the 2nd of Sept 09 :)|
|The Times 2nd Oct 09
Tiddler to watch
Kiwara fell 2p to 40p yesterday but the Zambia-focused small-cap mining group may be worth keeping an eye on today. Word in the Square Mile is that a recent independent resource estimate report for its Kalumbila asset will show a 5 per cent rise in its inferred copper resource, suggesting 1.45 billion tonnes of the metal.
|the volume is constant for long...any visibility on L2|
|veru surprised...such a small impact on sp|
|Surprised to see such a muted response in the share price on this update.Huge momentum building here IMO.DYOR|
|AoftheN - Thanks for your helpful information|
|Marmaduke - go here..... http://www.investegate.co.uk/
Keep the window open under your dealing page and refresh frequently.
There may be a better way to keep up to date on all companies but this is the way I do it.
Have not bought in yet - awaiting funds.|
angel of the north
26/08/2009 09:37 | Kiwara PLC
LONDON (Dow Jones)--Kiwara PLC (KIW.LN), a Zambian based exploration Company, said Wednesday that at its follow-up drill programme at Kawako, which continue to intersect high grade nickel, two further boreholes, KW4 and KW5 dwere rilled on the nickel target.
-Borehole ("B/H") KW4 intersected 12.22 meters grading 3.03%Ni from 87.50 meters; this intersection includes 7.30 meters grading 4.56%Ni from 91.95 meters;
-KW4 is 300 meters south from KW2;
-KW4 has a further intersection of 9.62 meters grading 0.94%Ni from 128.38 meters;
-KW5 intersected 3 meter grading 0.51% Ni from 173 meters.
-B/Hs KW4 and KW5 are core boreholes drilled vertically. KW4 was drilled 300 meters south from the initial reconnaissance b/h KW2 and 1,052 metersfrom KW3, as an 'in-fill' b/h; there is very good correlation between KW4 and the results obtained in KW2, thus suggesting continuity of mineralisation.
-KW5 was drilled 650 meters SW of KW2 and west of the perceived strike of the host unit to determine dip and lithological continuity.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; firstname.lastname@example.org
(END) Dow Jones Newswires
August 26, 2009 04:37 ET (08:37 GMT)|
|can you tell me where I can find the latest news, I have just recently invested in this company, and I am a novice at investing nit sure where to research. Thanks|
|More good news just out.DYOR|
|Why is this thread so quiet, good news out this week and no chat.
I have had further indications that some big companies are watching with interest, with the proviso that there is a lot of work still to be done
At the moment I am stacked up with Gulf Keystone so nothing spare for these|
|Am I the only one holding this share?..anyone else .please share if you have any info on this share.
This has been upgraded as buy by Fincapp and Ambrian..Fincapp has a target price of 79.|
They look an interesting bunch with very similar profiles although in different metals
It seems that demand for chrome might be starting to rise and all have nice looking charts, a good selection as one or two will take off within the next 12 months
I am still hovering over the buy button for Kiwara|
|jake - yep, I hold a fair few and looking to build on this over the coming weeks/months. Pop over to the FND bb from time to time to give us your thoughts. They will be appreciated.
KIW, had I had the funds I would have picked some up over the last few days, been watching it for a while now. I think they will do well.
Tell you what other shares have been interesting me, PPN (I picked some up in the low 40p range a couple of weeks ago) and ENK and CHX, which I haven't yet took a holding in.