HVL - Highveld - Announcement relating to the disposal of certain vertically
HVL
HVL
HVL - Highveld - Announcement relating to the disposal of certain vertically
integrated vanadium assets of Highveld
Highveld Steel and Vanadium Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1960/001900/06)
JSE share code: HVL
ISIN: ZAE000003422
("Highveld" or "the Corporation")
ANNOUNCEMENT RELATING TO THE DISPOSAL OF CERTAIN VERTICALLY INTEGRATED VANADIUM
ASSETS OF HIGHVELD
Highveld shareholders are referred to the announcement dated 22 April 2008 on
the disposal of certain vertically integrated vanadium assets of Highveld ("the
Disposal"), wherein they were advised that the implementation of the disposal of
Vanchem, a division of Highveld, and Highveld`s 50 percent interest in South
Africa Japan Vanadium (Proprietary) Limited ("SAJV") was subject to the
following conditions:
a) the approval of the European Commission, the South African competition
authorities and the South African Reserve Bank; and
b) the consent of the other shareholders of SAJV.
The abovementioned conditions were fulfilled on Thursday, 21 August 2008 and the
effective date of the Disposal will accordingly be 29 August 2008.
The transfer of the Mapochs Mine into Mapochs Mine (Proprietary) Limited, a
special purpose company incorporated for purposes of facilitating the Disposal
(but not the Disposal itself), remains subject to the conversion of the old
order rights which Highveld holds in relation to the Mapochs Mine, and the
consent of the Minister of Minerals and Energy for the transfer thereof.
22 August 2008
eMalahleni
Investment bank and transaction advisor
The Standard Bank of South Africa Limited
Sponsor
JP Morgan
Attorneys
Tabacks
Date: 22/08/2008 12:50:01 Produced by the JSE SENS Department.
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