| Fri 28 Mar 2008, 8:51 | | ZCI - Zambia Copper Investments - Cautionary Announcement |
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ZCI
ZAKK
ZCI - Zambia Copper Investments - Cautionary Announcement
Zambia Copper Investments Limited
(Registered in Bermuda)
JSE code: ZCI
ISIN: BMG988431240
("ZCI")
CAUTIONARY ANNOUNCEMENT
On 14 February 2008, ZCI withdrew the cautionary announcements released on SENS
between 2 September 2005 and 17 January 2008, on the basis that Vedanta
Resources Plc ("Vedanta") 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.
As shareholders will have noted in the update on the call option released on
SENS and on the Company`s website (www.zci.lu) on 6 March 2008, the completion
of the transaction has been delayed until Vendeta obtains authorization from the
Zambian Competition Commission ("ZCC") having indicated that it was exercising
jurisdiction over the transaction. While the ZCC initially granted Vedanta
interim authorisation for the transaction, it has subsequently withdrawn this,
citing a failure by Vedanta to comply with an understanding on notification that
had been reached with the ZCC.
Although the Company has been kept informed of interactions between the ZCC and
KCM, ZCI, as the seller, has had no direct formal interaction with the ZCC and
the Company has no direct influence on the negotiations between KCM and the ZCC
or their ultimate outcome.
In view of the possibility, however remote, of the ZCC failing to grant final
authorization for the completion of the transaction, shareholders are advised to
exercise caution when dealing in ZCI`s shares until a further announcement is
made.
Bermuda
27 March 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 28/03/2008 08:51:35 Produced by the JSE SENS Department.
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