| Mon 19 Apr 2010, 13:00 | | MTX - Metorex Limited - Metorex claw back offer oversubscribed |
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MTX
MEMTX
MTX - Metorex Limited - Metorex claw back offer oversubscribed
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
JSE code: MTX
ISIN: ZAE000022745
("Metorex" or "the Company")
METOREX CLAW BACK OFFER OVERSUBSCRIBED
Further to the announcements dated 29 January 2010, 2 February 2010, 10 March
2010, 12 March 2010 and 29 March 2010 regarding the partial renounceable claw
back offer and rights offer ("the Claw Back Offer"), Metorex shareholders are
advised that the results of the Claw Back Offer of 250 000 000 new Metorex
ordinary shares ("Claw Back Offer Shares") to Metorex shareholders or their
renouncees at a price of 360 cents per Claw Back Offer Share in the ratio of
33.233 Claw Back Offer Shares for every 100 Metorex shares held on the record
date of the Claw Back Offer, which closed on Friday, 16 April 2010, are as
follows:
Number of % of Claw Back
shares Offer Shares
Claw Back Offer Shares available for 250 000 000 100%
subscription
Claw Back Offer Shares subscribed for 237 045 364 95%
Claw Back Offer Shares subscribed for by 585 914 267 234%
excess applicants and initial subscribers
Total Claw Back Offer Shares subscribed 822 959 631 329%
for
Accordingly the Claw Back Offer has been fully subscribed and the proceeds
of US$120 million (R900 million) have been received by the Company. Excess
shares have been allocated equitably to the initial subscribers and excess
applicants in accordance with the number of excess shares applied for.
Metorex CEO Terence Goodlace said "We are pleased to announce that Metorex
has successfully raised US$120 million through the implementation of a partial
claw back offer. Not only does this indicate strong shareholder support
for Metorex`s strategy but through this process and through the Pan African
and Vergenoeg disposals, we have now recapitalised the Company`s balance
sheet. Together with the recently announced implementation of the revised
Ruashi debt package, this places the Company in a robust position to focus
on its base metals growth strategy, which includes production ramp-up at
Ruashi and new project developments on the Central African Copperbelt."
Share certificates will be posted to certificated shareholders and accounts
of dematerialised shareholders or their renouncees who have followed their
rights, will be updated and accounts credited by their Central Securities
Depository Participant or broker on or about Monday, 19 April 2010.
Rosebank
19 April 2010
Corporate and Debt Advisor, Sole Bookrunner and Transaction
Sponsor
One Capital
Independent Sponsor
Deloitte & Touche Sponsor Services (Proprietary) Limited
Date: 19/04/2010 13:00:03 Produced by the JSE SENS Department.
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