| Thu 14 Feb 2008, 11:34 | | ZCI - ZCI - Update on call option and withdrawal of further cautionary |
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ZCI
ZAKK
ZCI - ZCI - Update on call option and withdrawal of further cautionary
announcement
Zambia Copper Investments Limited
(Registered in Bermuda)
JSE code: ZCI
ISIN: BMG988431240
("ZCI")
UPDATE ON CALL OPTION AND WITHDRAWAL OF FURTHER CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcements released on SENS between 2 September
2005 and 17 January 2008, the directors of ZCI wish to inform shareholders that
Vedanta Resources Plc ("Vedanta") has elected to accept the independent
investment bank`s valuation of the 28.4% of Konkola Copper Mines plc ("KCM")
shares held by ZCI through its wholly owned subsidiary, ZCI Holdings S.A., in
the amount of USD 213.15 million. Accordingly, as the call option process is now
finalized, caution is no longer required to be exercised by shareholders when
dealing in their securities.
In terms of the provisions of the Call Option Deed, Vedanta has indicated that
it intends to effect payment of the valuation price to ZCI by no later than 20
February 2008, whereafter ZCI will, within a maximum of five business days of
such payment, instruct KCM to effect transfer of the shares to Vedanta.
The directors wish to thank shareholders for the patience, loyalty and support
they have shown during this process.
The directors of ZCI will shortly present shareholders with their proposals for
the future of the Company and which will involve all stakeholders in deciding
whether the company should be wound up and its assets distributed to
shareholders, whether the Company continue as an investment or operating vehicle
and the nature of such amended focus, or whether a portion of the Company`s
assets be distributed to shareholders by way of dividend or share buy-back and
thereafter continue business as an investment or operating vehicle, should the
assets remaining after distribution/buy-back allow for a viable business case.
Bermuda
14 February 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 14/02/2008 11:34:01 Produced by the JSE SENS Department.
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