| Wed 3 Sep 2008, 11:53 | | LON - Lonmin Provides Update On Takeover Panels Statement |
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LON
LOLMI
LON - Lonmin Provides Update On Takeover Panels Statement
Lonmin Plc
(Incorporated in England and Wales)
(Registered in the Republic of South Africa under registration number
1969/000015/10)
JSE code: LON
Issuer Code: LOLMI & ISIN: GB0031192486
("Lonmin")
Lonmin provides update on Takeover Panels statement
3 September 2008
The Board of Lonmin Plc ("Lonmin" or the "Company"), advised by Citi and
Greenhill, notes the announcement released this morning by the Takeover Panel
concerning the pre-conditional approach for the Company by Xstrata Plc.
The text of this announcement, released at 10.07 hrs this morning, was as
follows:
LONMIN PLC ("LONMIN")
XSTRATA PLC ("XSTRATA")
Following recent representations made by the advisers to Lonmin, the Panel
Executive has been considering the application of Rule 2.4(b) of the Code to
the announcement made by Xstrata, on 6 August 2008, in respect of Lonmin.
Following discussions with both parties` advisers, the Panel Executive has ruled
that, unless the Panel Executive consents otherwise, Xstrata must,
by 5.00 p.m. on 2 October 2008, either announce a firm intention to make an
offer for Lonmin under Rule 2.5 of the Code or announce that it does not intend
to make an offer for Lonmin. In the event that Xstrata announces that it does
not intend to make an offer for Lonmin, Xstrata and any person(s) acting in
concert with it will, except with the consent of the Panel Executive, be bound
by the restrictions contained in Rule 2.8 of the Code for six months from the
date of such announcement.
Each of the parties has accepted this ruling.
END
Date: 03/09/2008 11:53:53 Produced by the JSE SENS Department.
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