African Copper PLC African Copper Plc: Corporate Update

 
TIDMACU 
 
African Copper Plc: Corporate Update 
FOR:  AFRICAN COPPER PLC 
 
AIM SYMBOL:  ACU 
 
January 30, 2014 
 
African Copper Plc: Corporate Update 
 
LONDON, UNITED KINGDOM--(Marketwired - Jan. 30, 2014) - African Copper Plc 
(AIM:ACU)(BOTSWANA:AFRICAN COPPER) ("African Copper" or the "Company"), today announces a 
Corporate update. African Copper is a holding company of a copper producing and mineral 
exploration and development group of companies (the "Group"). 
 
African Copper notes that ZCI Limited ("ZCI"), the Company's 74 per cent shareholder, 
filed its financials on JSE SENS on 30 January 2014 for the six months ended 30 September 
2013. The full statement is available on ZCI's website being www.zci.lu. 
 
As part of this ZCI disclosure, ZCI cited that it currently has one major investment being 
the debt and equity held in African Copper. This lack of diversity in the investment 
portfolio of ZCI was reported as one of the key risks facing ZCI and that the ZCI board is 
pursuing all relevant opportunities to unlock value and put ZCI in a position to build a 
more diversified investment portfolio. ZCI reported it has embarked on a process to obtain 
commercial and legal assistance and advice with a view to the potential restructuring of 
the ZCI Group. The options being considered by ZCI include, but are not limited to, 
delisting ZCI; delisting ACU; reducing the number of subsidiary entities in the ZCI Group; 
restructuring the debt and capital structure of the group; and may include other 
considerations of cost and fiscal effectiveness, strategy, risk and broad commercial 
considerations. 
 
ZCI also confirmed that the Directors of ZCI issued a further Letter of Financial Support 
to the Group and extended the Waiver Letter to defer all principal and interest payments 
arising from the Group's debt obligations which would otherwise fall due between 1 April 
2013 and 31 January 2015. 
 
The Letter of Financial Support confirms that ZCI will continue to make sufficient 
financial resources available to allow the Group to meet its liabilities as they fall due 
in the course of normal operations, subject to no material changes in the shareholding or 
debt structure of the Group resulting from the review of the reassessment of the strategic 
direction of ZCI. To ensure that ZCI has the ability to provide such support based on 
existing and any additional funding requirements, ZCI obtained an extension of the Letter 
of Financial Support from its controlling shareholder, to the value of US$5 million. 
 
The Waiver Letter is conditional on and revocable on 30 days written notice as a result of 
any material structural changes that may be required as a result of the restructuring of 
the ZCI Group, being ZCI and its subsidiary African Copper. 
 
For further information please visit www.africancopper.com. 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
African Copper Plc 
Brad Kipp 
Chief Financial Officer 
[phone] 
[e-mail] 
www.africancopper.com 
 
OR 
 
Tavistock Communications (Financial PR and IR) 
Simon Hudson 
020 7920 3150 
[e-mail] 
 
OR 
 
Canaccord Genuity Limited (NOMAD and Broker) 
Neil Elliot 
020 7523 8000 
 
OR 
 
Canaccord Genuity Limited (NOMAD and Broker) 
Tarica Mpinga 
020 7523 8000 
 
 
African Copper PLC