LAB - Labat Africa Limited - Further announcement relating to the acquisition of
LAB
LAB
LAB - Labat Africa Limited - Further announcement relating to the acquisition of
Primrose Gold Metallurgical Operation and ERPM Gold Metallurgical Operation
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
JSE code: LAB
ISIN: ZAE000018354
("Labat" or the "company")
FURTHER ANNOUNCEMENT RELATING TO THE ACQUISITION OF PRIMROSE GOLD METALLURGICAL
OPERATION AND ERPM GOLD METALLURGICAL OPERATION
Labat notified in an announcement, dated 20 July 2010, that it had entered into
an agreement to acquire the gold processing and smelting operations known as
Primrose Gold Metallurgical as well as ERPM Gold Metallurgical from Primrose
Gold Mines (Pty) Limited ("seller"), a wholly owned subsidiary of Aurora
Empowerment Systems (Pty) Limited, for a purchase consideration of R38 000 000
through the issue of 38 000 000 Labat ordinary shares at R1.00 per share ("the
acquisition").
Shareholders are notified that the transaction is, in terms of the Listings
Requirements of the JSE Limited, classified as a category 1 related party
transaction and also a "reverse take-over" (due to the fact that the acquisition
will result in a fundamental change in the business) and will therefore require
a fairness opinion, and shareholders` approval as well as the inclusion of
listing particulars in the relevant circular to shareholders.
Shareholders are also notified that the continued listing of Labat will be
dependent on the JSE`s approval of the suitability of the businesses acquired
through the acquisition (or any other assets/business that Labat may acquire in
the interim).
Sandton
16 August 2010
Corporate adviser and sponsor to Labat
Vunani Corporate Finance
Legal adviser to Labat
Eversheds
Corporate adviser to Aurora Empowerment Systems (Pty) Limited
Arcay Moela Sponsors (Pty) Ltd
Date: 16/08/2010 11:17:01 Produced by the JSE SENS Department.
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