| Wed 22 Sep 2010, 16:48 | | MML - Metmar Limited - Announcement regarding the disposal of Metmar`s 21% |
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MML
MML
MML - Metmar Limited - Announcement regarding the disposal of Metmar`s 21%
interest in PGR 17 Investments (Proprietary) Limited in 2009 ("the disposal")
Metmar Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/007269/06)
JSE code: MML& ISIN: ZAE000078747
("Metmar" or "the Company")
ANNOUNCEMENT REGARDING THE DISPOSAL OF METMAR`S 21% INTEREST IN PGR 17
INVESTMENTS (PROPRIETARY) LIMITED IN 2009 ("the DISPOSAL")
Shareholders of Metmar ("Shareholders") are referred to the announcement
published on SENS on 01 September 2009, wherein Shareholders were informed that
all the resolutions relating to the Disposal had been approved, the details of
which were set out in a circular to Shareholders dated 17 August 2009. Metmar`s
aggregate share of the purchase price amounts to R248.2m (excluding interest)
("the Purchase Price").
Further to the above, Shareholders are advised that due to Ruukki South Africa
(Proprietary) Limited ("Ruukki SA") not fulfilling all their obligations in
terms of the loan agreement entered into on 25 May 2009, Metmar together with
most of the other Mogale Alloys (Proprietary) Limited vendors being, Johan
Frederik Oosthuizen, Gujo Investments (Proprietary) Limited, the Ferguson Family
Trust, CoroCapital Limited, Leswikeng Minerals & Energy (Proprietary) Limited
and Sebeso Beneficiation (Proprietary) Limited have initiated legal action to
recover the payments due to them ("the legal action"), Metmar`s share thereof
being approximately R92m inclusive of interest to date. Metmar has been paid in
excess of 70% of the Purchase Price.
Accordingly, Shareholders are advised that the final consideration of the
Disposal, the details of which were set out in the circular to Shareholders
dated 17 August 2009 may be postponed or delayed.
A further announcement providing Shareholders with the details relating to the
outcome of the legal action will be published in due course.
Sandton
22 September 2010
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 22/09/2010 16:48:01 Produced by the JSE SENS Department.
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