MTX - Metorex - Update regarding the Scheme of Arrangement proposed by the Board
MTX
MEMTX
MTX - Metorex - Update regarding the Scheme of Arrangement proposed by the Board
of Directors of Metorex pursuant to the offer by Vale S.A. to acquire the issued
and to be issued share capital of Metorex
Metorex Limited
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("Metorex" or "Company")
UPDATE REGARDING THE SCHEME OF ARRANGEMENT PROPOSED BY THE BOARD OF DIRECTORS OF
METOREX ("BOARD") PURSUANT TO THE OFFER BY VALE S.A. ("VALE") TO ACQUIRE THE
ISSUED AND TO BE ISSUED SHARE CAPITAL OF METOREX ("VALE OFFER")
Metorex shareholders ("Shareholders") are referred to the joint announcement of
a firm intention by Jinchuan to make an offer to acquire the entire issued and
to be issued share capital of Metorex published on the Securities Exchange News
Service of the JSE Limited on 5 July 2011 and in the press on 6 July 2011
("Jinchuan Offer") wherein Shareholders were informed of the opportunity for
Vale to match or better the terms of the Jinchuan Offer (such offer if made, an
"Amended Vale Offer").
The Board has received written notice from Vale that it does not intend to
submit an Amended Vale Offer and has proposed that the termination of the
implementation agreement entered into between Vale and Metorex on 8 April 2011
("Vale Implementation Agreement"), subject to receipt by Vale from Metorex of
the break fee provided for in the Vale Implementation Agreement, being an amount
of R75 240 000 ("Vale Break Fee").
The Board will convene shortly to consider its position with respect to the Vale
Offer and the Jinchuan Offer. Shareholders will be advised of developments in
due course.
Johannesburg
11 July 2011
Lead financial advisor and investment bank to Metorex: Standard Bank
Joint financial advisor and transaction sponsor to Metorex: One Capital
Legal advisor to Metorex: Cliffe Dekker Hofmeyr
Date: 11/07/2011 09:04:57 Produced by the JSE SENS Department.
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