| Thu 15 Mar 2012, 12:00 | | EXX - Exxaro Resources Limited - Exxaro cash offer to African Iron Limited |
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EXX
EXX
EXX - Exxaro Resources Limited - Exxaro cash offer to African Iron Limited
shareholders and listed option holders closed
Exxaro Resources Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/011076/06)
JSE share code: EXX ISIN: ZAE000084992
ADR code: EXXAY
("Exxaro")
EXXARO CASH OFFER TO AFRICAN IRON LIMITED SHAREHOLDERS AND LISTED OPTION HOLDERS
CLOSED
On 15 February 2012, Exxaro (JSE code: EXX) announced that the cash takeover
offers made by its wholly owned subsidiary, Exxaro Australia Iron Investments
Pty Ltd ("Exxaro Australia"), for all the shares and listed options of African
Iron Limited (ASX code: AKI) ("African Iron") (the "Offers") had become
unconditional in accordance with all their terms. On 27 February 2012,
Equatorial Resources Ltd ("Equatorial") accepted the Offers and Exxaro announced
that as a result Exxaro Australia would increase the consideration of the Offers
to $0.57 per African Iron share and $0.37 per African Iron listed option. The
offer period was also extended by another 14 days until 4pm Perth time on Monday
12 March 2012.
Exxaro is pleased to announce that the offer period has now officially closed
and that it has received acceptances in respect of approximately 99.75% of
African Iron`s issued shares and 98.70% of African Iron`s listed options. Exxaro
has also received 74.02% acceptances of the separate offers made for the
unlisted options. Exxaro now has a relevant interest in more than 90% of African
Iron shares and has commenced the process to compulsorily acquire the remaining
shares and listed options in African Iron and to delist African Iron from the
Australian Securities Exchange. African Iron`s securities will be suspended
from quotation on the Australian Securities Exchange from close of trading on 15
March 2012.
The total purchase consideration is $312,95 million (R2 585 million).
African Iron is an Australian domiciled iron ore development company working on
the exploration and evaluation of the Mayoko and Ngoubou-Ngoubou projects in the
Republic of Congo in central West Africa. For further information on African
Iron, please visit www.africanironlimited.com.
About Exxaro
Exxaro is a diversified South African-based mining company, listed on the JSE
Limited ("JSE") (JSE: EXX) with a market capitalisation of approximately R73
billion.
Exxaro mines, extracts and processes a range of minerals and metals, including
coal, mineral sands and base metals primarily in South Africa, Australia and
China. As one of the largest South African coal producers, with capacity now
approaching 48Mtpa and the third-largest global producer of mineral sands
products, Exxaro is a significant participant in the coal and mineral sands
markets. Exxaro has a 20% interest in the Sishen Iron Ore Company, a subsidiary
of JSE listed Kumba Iron Ore Limited, which operates the Sishen and Thabazimbi
mines in South Africa.
Further information on Exxaro can be found at www.exxaro.com
For enquiries:
Wim de Klerk
Finance Director
Tel: +27 12 307 4848
Email: wim.deklerk@exxaro.com
Sole financial advisor to Exxaro
Investec Bank (Australia) Limited and Investec Bank Limited
Legal advisors
Gilbert + Tobin
Transaction sponsor
Investec Bank Limited
Sponsor to Exxaro
Deutsche Securities (SA) (Proprietary) Limited
15 March 2012
Date: 15/03/2012 12:00:02 Produced by the JSE SENS Department.
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