HVL - Highveld Steel and Vanadium Corporation - Announcement relating to the
HVL
HVL
HVL - Highveld Steel and Vanadium Corporation - 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 August 2008,
wherein they were advised that the effective date of the disposal of certain
vertically integrated vanadium assets of Highveld ("the disposal") would be 29
August 2008.
The disposal was implemented with effect from 29 August 2008 and pending payment
of the purchase consideration in respect thereof, Highveld acted as an agent on
behalf of the purchaser, Vanchem Vanadium Products (Proprietary) Limited.
Highveld shareholders are now advised that payment of the purchase consideration
in respect of the disposal was effected on 12 September 2008 and that the
aforesaid agency arrangement has been terminated. As such the disposal has been
successfully completed.
The transfer of the assets in respect 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 mine
and the consent of the Minister of Minerals and Energy for the transfer thereof.
12 September 2008
eMalahleni
Investment bank and transaction advisor
The Standard Bank of South Africa Limited
Sponsor
JP Morgan Equities Limited
Attorneys
Tabacks
Date: 12/09/2008 15:00:02 Produced by the JSE SENS Department.
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