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AFT
AFT
AFT - Afrimat Limited - Conclusion of the acquisition of Glen Douglas Dolomite
(Proprietary) Limited
Afrimat Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2006/022534/06)
Share code: AFT ISIN: ZAE000086302
("Afrimat")
Conclusion of the acquisition of Glen Douglas Dolomite (Proprietary) Limited
The agreement for the acquisition of Glen Douglas Dolomite (Proprietary) Limited
("Glen Douglas") by Afrimat Limited ("Afrimat") from Exxaro Resources Limited
("Exxaro") includes the following conditions precedent:
(a) Obtaining all regulatory approvals from the Minister of Mineral
Resources in terms of Section 11 of the Minerals and Petroleum
Resources Development Act;
(b) Obtaining regulatory approval for the transaction in terms of Chapter
3 of the Competition Act;
(c) Obtaining the necessary environmental rehabilitation guarantees
("guarantees") to the satisfaction of the Department of Mineral
Resources ("DMR") and procuring that the seller be released from all
guarantees provided to the DMR, if any.
The Directors of Afrimat are pleased to advise that conditions precedent (a) and
(b) have been met and that Exxaro and Afrimat have agreed to waive condition
precedent (c) subject to certain conditions ("waiver conditions"), as Afrimat
has already made good progress in providing the required guarantee to the DMR.
The waiver conditions are set out below:
1 Afrimat will indemnify Exxaro against any and all damages in respect
of any and all claims in relation to the guarantees required by the
DMR and will procure an undertaking from the DMR that Exxaro will be
released from all guarantees provided to the DMR, if any; and
2 Afrimat shall remain bound to the conditions of the acquisition
agreement irrespective of any conditions or additional guarantees
imposed by the DMR over and above the current indicative value of the
required guarantee set at R13.2 million. The indicative value of the
guarantee was determined by Afrimat in conjunction with external
environmental consultants.
The acquisition shall therefore become unconditional with effect from 1 January
2011, from which date Afrimat shall take management control. The acquisition
will pave the way for expansion into the industrial minerals market in line with
Afrimat`s diversification strategy.
Cape Town
8 December 2010
Sponsor: Bridge Capital Advisors (Proprietary) Limited
Date: 08/12/2010 11:26:01 Produced by the JSE SENS Department.
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