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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Afriore | LSE:AFO | London | Ordinary Share | VGG0115X1024 | COM SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 386.90 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9596N Lonmin PLC 15 December 2006 Acquisition of AfriOre - Formal Pre-Acquisition Agreement Signed Lonmin Plc ("Lonmin") is pleased to announce that it has completed its geological, financial and legal due diligence and has entered into a formal pre-acquisition agreement (the "Agreement") with AfriOre Limited ("AfriOre"). The Agreement supersedes and replaces the agreement between Lonmin and AfriOre announced on 15 November 2006. Lonmin also announces that it delivered its merger submission to the South African Competition Commission on 24 November 2006. In accordance with the Agreement, Lonmin expects to make an offer (the "Offer") to the shareholders of AfriOre by 15 January 2007 to acquire all of the issued and outstanding shares in the capital of AfriOre by means of a cash offer of C$8.75 (US$7.62) per AfriOre share. The Agreement continues to provide that Lonmin has the right to match any unsolicited superior offer and that AfriOre is required to pay Lonmin a compensation fee of C$15m in the event that the Offer is not completed in certain circumstances. Completion of the Offer, when made, would remain subject to customary conditions, including South African competition approval and that a minimum of 66 2/3 % of AfriOre shares on a fully diluted basis are tendered to the Offer. Regulatory approval and completion of the transaction, if it proceeds, is currently expected in February 2007. Enquiries: Alex Shorland-Ball +44 (0) 20 7201 6060 Vice President, Investor Relations & Communications Forward Looking Statements: This announcement includes forward-looking statements. Information contained in this announcement relating to AfriOre has been compiled from public sources. All statements other than statements of historical fact included in this announcement, including without limitation those regarding Lonmin's plans, objectives and expected performance, are forward-looking statements. Lonmin has based these forward-looking statements on its current expectations and projections about future events, including numerous assumptions regarding its present and future business strategies, operations, and the environment in which it will operate in the future. Forward-looking statements generally can be identified by the use of forward-looking terminology such as 'ambition', 'may', 'will', 'could', 'would', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'seek' or 'continue', or negative forms or variations of similar terminology. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors related to Lonmin, including, among other factors: (1) the risk that the businesses of Lonmin and AfriOre will not be integrated successfully; (2) material adverse changes in economic conditions generally or in relevant markets or industries in particular; (3) fluctuations in demand and pricing in the mineral resource industry and fluctuations in exchange rates; (4) future regulatory and legislative actions and conditions affecting Lonmin's and AfriOre's operating areas; (5) obtaining and retaining skilled workers and key executives; and (6) acts of war and terrorism. By their nature, forward-looking statements involve risks, uncertainties and assumptions and many relate to factors which are beyond Lonmin's control, such as future market conditions and the behaviour of other market participants. Actual results may differ materially from those expressed in forward-looking statements. Given these risks, uncertainties, and assumptions, you are cautioned not to put undue reliance on any forward-looking statements. In addition, the inclusion of such forward-looking statements should under no circumstances be regarded as a representation by Lonmin that Lonmin will achieve any results set out in such statements or that the underlying assumptions used will in fact be the case. Other than as required by applicable law or the applicable rules of any exchange on which Lonmin's securities may be listed, Lonmin has no intention or obligation to update or revise any forward-looking statements included in this announcement after the release of this announcement. This information is provided by RNS The company news service from the London Stock Exchange END ACQUSRWRNBRUAAA
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