| Fri 13 May 2011, 14:00 | | ARQ - Anooraq Resources Corporation - Cautionary announcement relating to |
|
ARQ
ARQ
ARQ - Anooraq Resources Corporation - Cautionary announcement relating to
proposed restructuring, refinancing and potential corporate action
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
TSXV/JSE share code: ARQ
AMEX share code: ANO
ISIN: CA03633E1088
("Anooraq")
CAUTIONARY ANNOUNCEMENT RELATING TO PROPOSED RESTRUCTURING, REFINANCING AND
POTENTIAL CORPORATE ACTION
Shareholders are advised that subsequent to March 31, 2011, Anooraq and Anglo
Platinum Limited ("APL") (the "Parties") entered into preliminary discussions
surrounding a potential transaction between them. The nature of these
discussions surrounds the completion of a strategic review by the Parties of
the assets and financing structures of and relating to Bokoni Platinum
Holdings (Pty) Limited, with a view to Anooraq effecting a restructuring
transaction in respect thereof (the "Anooraq Restructuring").
Prior to the further potential implementation of the Anooraq Restructuring,
Anooraq has unwound its interest rate hedge transaction with Standard
Chartered Plc ("SCB"), and APL has acquired Anooraq`s senior loan obligations
with SCB and Rand Merchant Bank, a division of FirstRand Bank Limited.
The outstanding amount of debt acquired by APL is $96.4 million (ZAR 671
million) and the ultimate treatment and/or terms associated with this debt are
currently under review between the Parties within the context of the broader
refinancing initiative between them.
In terms of paragraph 3.9 of the Listings Requirements of JSE Limited,
shareholders of Anooraq are advised that the Anooraq Restructuring may have a
material impact on the price at which the securities of Anooraq are trading.
Accordingly, shareholders are advised to exercise caution when dealing in
their Anooraq securities until a further announcement is made.
Johannesburg
13 May 2011
Issued on behalf of Anooraq Resources Corporation
On behalf of Anooraq
Joel Kesler
Executive: Corporate Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556
Russell and Associates
Charmane Russell / Nicola Taylor
Office: +27 11 880 3924
Mobile: +27 82 372 5816 / +27 82 927
8957
Macquarie First South Advisers
Natalie Di-Sante/ Annerie Britz/
Yvette Labuschagne/ Melanie de
Nysschen
Office: +27 11 583 2000
Neither the TSX Venture Exchange not its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The NYSE Amex
has neither approved nor disapproved the contents of this press release.
For further information on Anooraq, investors should review the Company`s
annual Form 40-F filing with the United States Securities and Exchange
Commission at www.sec.gov and home jurisdiction filings that are available at
www.sedar.com. The Company`s Annual Report on Form 40-F, which includes its
audited financial statements for the fiscal year ended December 31, 2010, was
filed with the Securities and Exchange Commission on March 23, 2011 and is
available at www.sec.gov. Shareholders have the ability to receive a hard copy
of the Company`s complete audited financial statements free of charge upon
request.
Date: 13/05/2011 14:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
