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VIL
VIL
VIL - Village - Welcomes the announcement by First Uranium Corporation
concerning its shareholders` approval for the disposal of Mine Waste
Solutions (Pty) Ltd and Ezulwini Mining Company (Proprietary) Limited
VILLAGE MAIN REEF LIMITED
(Incorporated in the Republic of South Africa)
(formerly known as Village Main Reef Gold Mining Company (1934) Limited)
(Registration number 1934/005703/06)
JSE Share Code: VIL ISIN: ZAE000154761
("Village" or the "company")
VILLAGE WELCOMES THE ANNOUNCEMENT BY FIRST URANIUM CORPORATION ("FIU")
CONCERNING ITS SHAREHOLDERS` APPROVAL FOR THE DISPOSAL OF MINE WASTE
SOLUTIONS (PTY) LTD ("MWS") AND EZULWINI MINING COMPANY (PROPRIETARY) LIMITED
("EZULWINI")
Village refers its shareholders to the announcement made by FIU in relation
to the approval of all the required resolutions to dispose of its interest in
MWS and Ezulwini (the "transactions") at its shareholders meeting held
yesterday in Toronto. As a result of the FIU shareholders approving the
transactions, Village will receive the full face value of approximately R392m
due to it under the Secured Convertible Rand Denominated Rand Notes in MWS
("MWS Notes"), within the next few weeks. Village also expects a first pay
out of about R20m in lieu of its remaining 5.7% investment in the ordinary
shares held in FIU during the same time period.
Joint CEO Marius Saaiman commented, "Village welcomes this decision. The
outcome releases the locked up value in the FIU investments for Village
shareholders, strengthens our balance sheet and further enhances our
investment case."
The board of Village will meet in due course to consider the most efficient
way in which to return surplus cash to Village shareholders. This is in line
with Village`s stated strategy. The board intends to strike a balance between
internal funding needs, the expectations of shareholders for a special cash
dividend and the option of doing a share buy back as and when appropriate
circumstances arise. The company currently has a general authority from
shareholders to buy-back up to 20% of its own shares, subject to the
Companies Act and the JSE Listing Requirements.
Any formal decision by the board will be communicated to shareholders.
14 June 2012
Contacts:
Village Joint CEO : Marius Saaiman : msaaiman@villagemainreef.co.za :
011 274 4603
Vestor : Media and Investor Relations : Louise Brugman :
louise@vestor.co.za : 011 787 3015 : 083 504 1186
Sponsor
Java Capital
Date: 14/06/2012 07:35:22 Produced by the JSE SENS Department.
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