| Fri 16 Nov 2007, 17:04 | | MML - Metmar Limited - BEE Transaction Press Relea |
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MML
MML
MML - Metmar Limited - BEE Transaction Press Release
Metmar Limited
Incorporated in the Republic of South Africa
(Registration number 1998/007269/06)
Share code: MML & ISIN code: ZAE000078747
("Metmar" or "the Company")
BEE transaction press release
Metmar has finalised a BEE transaction which will see two of the group`s long
standing BEE relationships acquiring 10% of its issued shares. The transaction
will become effective on 22 November 2007. Daphne Mashile-Nkosi and Ehlobo
Holdings, a black-owned and controlled enterprise founded by Dr Alistair
Ruiters and Rafique Bagus, have each acquired 5% of the company, to be funded
by third party financial institutions.
Both Daphne Mashile- Nkosi and Dr Alistair Ruiters are non-executive directors
of Metmar who have, to date, added extensive value to the group. Daphne
Mashile-Nkosi is chairperson of Kalagadi Manganese (Proprietary) Limited,
whose detailed engineering and full bankable feasibility is expected to be
completed within two months. Ehlobo Holdings, with its focus on investments in
the resources sector, is equally well-placed to assist Metmar in meeting its
long term objectives.
The pricing and structure of the transaction were agreed upon in May 2007,
however financial closure delayed the conclusion of the transaction. In order
to avoid dilution of existing shareholders` interests, the introduction of the
10% BEE shareholding has been facilitated through a vendor sale, with each of
the founding shareholders of Metmar selling a 2,5% stake, at a price of 344
cents per share, which equates to a 10% discount to the 30-day volume weighted
average price on 22 May 2007 when the terms of the transaction were concluded.
Johannesburg
16 November 2007
Sponsor
BDO QuestCo
Date: 16/11/2007 17:04:01 Produced by the JSE SENS Department.
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