| Wed 10 Aug 2011, 9:48 | | TSX - Trans Hex Group Limited - Namaqualand communities to acquire stake in |
|
TSX
TSX
TSX - Trans Hex Group Limited - Namaqualand communities to acquire stake in
Namaqualand Mines
TRANS HEX GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1963/007579/06
ISIN: ZAE000018552
Share code: TSX
NAMAQUALAND COMMUNITIES TO ACQUIRE STAKE IN NAMAQUALAND MINES
Cape Town, 10 August 2011: Trans Hex Group (JSE: TSX) ("Trans Hex") is
pleased to announce that the Namaqualand Diamond Fund Trust ("NDFT") has
acquired a 5% shareholding in Trans Hex`s 50%-held associate company,
Emerald Panther Investments (Proprietary) Limited ("EPI").
This follows the statement on 6 May 2011 in which Trans Hex announced that
EPI had signed an agreement to acquire Namaqualand Mines ("NM"), a division
of De Beers Consolidated Mines Limited ("the proposed NM transaction").
The proposed NM transaction is subject to the fulfillment of a number of
conditions precedent, including approval by shareholders of Trans Hex, the
relevant competition authorities and other necessary regulatory bodies.
EPI is now beneficially owned by Trans Hex (50%), together with JSE-listed
investment company RECM and Calibre Limited (34%), Dinoka Investment
Holdings (Proprietary) Limited (11%) and the NDFT (5%).
Certain aspects relating to the shareholding of EPI have not yet been
finalised and the shareholding structure is therefore subject to change.
The NDFT was founded in 1994 with the primary aim of improving the quality
of life of all the inhabitants of Namaqualand, and specifically those
living in the rural areas, and was financed by royalties generated from
diamond mining in the region.
The Trust focuses on social and welfare programmes, educational support,
infrastructure development, community services and small business
development.
The trustees of the NDFT include representatives of seven rural districts
in Namaqualand (Buffelsrivier, Komaggas, Steinkopf, Pella, Richtersveld,
Concordia and Leliefontein) as well as representatives of the Northern Cape
provincial government.
Chief Executive Officer of Trans Hex, Llewellyn Delport, said: "We are
pleased that the NDFT has decided to participate in the next phase of the
life of Namaqualand Mines, as we see the Trust as an obvious and natural
shareholder in EPI. Empowering the Namaqualand communities through a
direct equity stake in Namaqualand Mines is an ideal way to continue and
accelerate the good work that has been carried out by the NDFT over many
years".
The NDFT will be entitled to appoint a director on the board of EPI and
will contribute funding for the proposed NM transaction pro rata according
to its shareholding in EPI.
Speaking on behalf of the NDFT, Chief Executive Officer, Margaret Williams
commented: "The NDFT has played a major role in improving the quality of
life in Namaqualand communities over many years through our educational and
charity funds. However, this is the first time that we will be involved as
shareholders in one of the mines in the area and that is a significant
development for us. All our communities, via their representatives on the
board of Trustees fully support the proposed NM transaction and see this as
a strong platform from which to continue to serve the people of
Namaqualand".
Cape Town
10 August 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 10/08/2011 09:48:00 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.
