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ZCI
ZAKK
ZCI - Zambia Copper Investments Limited - Revised Binding Offer To African
Copper Plc
Zambia Copper Investments Limited
(Registered in Bermuda)
(South African registration number 1970/000023/10)
JSE share code: ZCI & ISIN: BMG988431240
Euronext share code: BMG988431240
("ZCI" or "the Company")
REVISED BINDING OFFER TO AFRICAN COPPER PLC
Reference is made to the announcement dated 16 April 2009, in which
shareholders were advised that the Company had made a binding offer of
finance (the "Offer") to African Copper plc ("African Copper"). ZCI has made
a revised binding offer of finance (the "Revised Offer") to African Copper in
which it has replaced the secured US$2.5 million bridge facility component of
the Offer with a secured US$10 million bridge facility (the "Revised Bridge
Facility"). The Revised Bridge Facility will enable African Copper to
discharge indebtedness that becomes due and payable to Natasa Mining Ltd
("Natasa") upon African Copper accepting the Revised Offer and interim
payments to be made to African Copper`s bondholders and certain creditors in
respect of the amounts it is proposed would be paid to them pursuant to
compromise arrangements to be entered into with African Copper and its
subsidiaries.
The Revised Bridge Facility will be advanced in two tranches as follows:
a) a US$5 million tranche ("tranche A") that will, subject to the
satisfaction of certain conditions, be available immediately upon
acceptance for the purpose of discharging indebtedness owed by
African Copper or its subsidiaries to Natasa and for other pre-
approved expenditures. The principal conditions to the availability
of tranche A are the execution of the documentation relating to the
provision of security for the Revised Bridge Facility and the
appointment of three persons nominated by ZCI as senior managers of
Messina Copper, a subsidiary of African Cooper, with the power to
participate in its management. Tranche A will, from the date of any
draw-down of monies under tranche B, bear interest at a rate of 12%
per annum; and
b) a US$5 million tranche ("tranche B") that will, subject to
compromise agreements having been entered into and the security
provided by African Copper and its subsidiaries for the Revised
Bridge Facility having become effective, be available for the
purpose of making interim payments to African Copper`s bondholders
and certain creditors and for other pre-approved expenditures.
Tranche B will bear interest at a rate of 12% per annum from the
date of draw-down.
The Revised Offer provides an increase in the cash available to African
Copper upfront without changing the quantum of the consideration or the
proposed post transaction interest of ZCI in African Copper. Shareholders are
advised to continue exercising caution when dealing in the Company`s shares
until a further announcement is made.
Bermuda
28 April 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 28/04/2009 08:22:05 Produced by the JSE SENS Department.
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