| Mon 30 Apr 2001, 0:00 | | De Beers - Increase In Offer Terms Of Us$2.00 Per |
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DB Investments
RC Luxembourg No: B 78985
Incorporated as a societe anonyme under the laws of Luxembourge
De Beers Consolidated
Mines Limited
1888/000007/06
Incorporated in the Republic of South Africa
De Beers Centenary AG
Incorporated under the laws of Switzerland
30 April 2001
Not for release, publication or distribution in or into Canada and Japan
US$18.7 BILLION RECOMMENDED FINAL OFFER FOR DE BEERS
INCREASE IN OFFER TERMS OF US$2.00 PER LINKED UNIT
1. Introduction
On 26 April 2001, DB Investments ("DBI") announced a proposal to increase the
terms of its recommended offer for De Beers by US$2.00 per Linked Unit, subject
to agreement being reached on additional financing.
DBI today announces that agreement has been reached on such additional
financing. Accordingly, De Beers and DBI today confirm an increased
recommended offer for De Beers. This increased offer is final.
Defined terms used in this announcement are the same as in the circular to
Linked Unit holders dated 10 April 2001 (the "Circular").
2. Increased Offer Terms
The increased terms will result in Independent Linked Unit Holders (being all
Linked Unit holders other than CHL, Anglo American, Debswana and their
respective subsidiaries) receiving, for each Linked Unit, consideration of (the
"Scheme Consideration"):
* 0.446 of an Anglo American Share;
* US$15.35 (ZAR122.30 - On the basis of an exchange rate of ZAR7.9675 to
US$1.00 on 27 April 2001. The actual amount to be paid to a Linked Unit holder
in a currency other than US Dollars will be in accordance with the description
as set out in the Circular) in cash; and
* an amount equal to the Anglo American final dividend for the year ended 31
December 2000 (subject to approval by shareholders of Anglo American at its
Annual General Meeting scheduled for 15 May 2001) of US$1.30 (or the equivalent
in South African Rands (ZAR9.9743 - The amount in South African Rands has been
fixed on the basis of exchange rates as set out in the Notice of Recommended
Final Dividend issued by Anglo American on 14 March 2001)) for each Anglo
American Share to be received, before giving effect to Mix and Match Elections.
Linked Unit holders who were on the De Beers register on 23 March 2001 and
bearer Linked Unit holders will also receive the De Beers combined final
dividends for the year ended 31 December 2000 of US$1.00 per Linked Unit (or
the equivalent in South African Rands (ZAR7.77) or Pounds Sterling (GBP0.69))-
The amounts in South African Rands and Pounds Sterling have been fixed on the
basis of exchange rates as at 26 February 2001, which are payable on 16 May
2001.
The aggregate value to be received by Independent Linked Unit Holders,
including the De Beers combined final dividends of US$1.00, will be US$45.94
(ZAR366.03 - Based on an exchange rate of ZAR7.9675 to US$1.00 on 27 April
2001) per Linked Unit, on the basis of an Anglo American share price of
US$65.05 - Based on an exchange rate of US$1.4362 to GBP1.00 on 27 April 2001
at the close of business on 27 April 2001, being the last business day prior to
this announcement.
Based on the fully diluted number of Linked Units, consideration of US$45.94
(ZAR366.03 - Based on an exchange rate of ZAR7.9675 to US$1.00 on 27 April
2001) per Linked Unit corresponds to an implied total equity value for De Beers
of US$18.7 billion and:
* attributes a value of US$9.3 billion to De Beers other than its investment in
Anglo American (the "Diamond Business"); and
* represents an 18 per cent. increase over the US$15.9 billion offer value and
a 13 per cent. increase over the US$8.2 billion value attributed to the Diamond
Business as set out in the Circular 6 These values are based on the closing
price of an Anglo American Share of GBP37.22 and exchange rate of US$1.4350 to
GBP1.00 on 4 April 2001.
This revised US$9.3 billion value attributable to the Diamond Business,
adjusted to US$8.9 billion to exclude the De Beers combined final dividends for
the year ended 31 December 2000, exceeds the US$7.9 billion to US$8.4 billion
net present value based value for the Diamond Business referred to in the
Technical and Financial Report set out in the Circular.
The additional US$2.00 in value per Linked Unit will form part of the
consideration due to Scheme Cancellation Participants (the "Cancellation
Consideration") under the Scheme, which will now comprise, for each Linked
Unit, subject to any valid Mix and Match Election and Currency Election:
* US$15.35, plus if the Implementation Date has not occurred before 1 July
2001, interest calculated daily thereon from 1 July 2001 to the Implementation
Date and compounded on each succeeding month end following 1 July 2001, at a
rate equal to the Consideration Interest Rate; and
* that fraction of an Anglo American Share which, when added to the fraction of
an Anglo American Share forming part of the Buyback Consideration per Linked
Unit under the Scheme, totals 0.446 (or 1.784 if the Anglo American Bonus Issue
has been effected prior to the Operative Date) of an Anglo American Share,
together with the Anglo American Dividend Entitlement in respect of such
fraction of Anglo American Shares (before giving effect to Mix and Match
Elections).
3. Independent Directors' Committee Recommendation
The Independent Directors' Committee of De Beers' directors, which has been so
advised by N M Rothschild & Sons Limited ("Rothschild"), considers the
increased terms of the Transaction to be fair and reasonable to Independent
Linked Unit Holders. The Independent Directors' Committee unanimously
recommended the Transaction to the boards of De Beers who, in turn, are
recommending the Transaction to Linked Unit holders. The independent directors
of De Beers who are Linked Unit holders intend to vote in favour of the
Transaction. In providing its advice, Rothschild has taken into account the
commercial assessment of the Transaction by the Independent Directors'
Committee.
4. Mix and Match Election
The Mix and Match Election as set out in the Circular will apply to the total
increased Cancellation Consideration. Independent Linked Unit Holders will be
entitled to elect under the terms of the Transaction, subject to availability
and against surrender of Linked Unit certificates, to vary the proportions in
which they receive their share of some of the Anglo American Shares
(representing approximately 0.12 (or approximately 0.48 if the proposed bonus
issue proceeds) of an Anglo American Share for each Linked Unit) and cash of
US$15.35 per Linked Unit forming part of the Scheme Consideration (the "Mix and
Match Elections").
However, the total number of Anglo American Shares and the total amount of cash
to be received by Independent Linked Unit Holders under the Transaction will
not be varied as a result of Mix and Match Elections. Accordingly, the
satisfaction of Mix and Match Elections will be dependent upon the extent to
which other Independent Linked Unit Holders make offsetting elections. To the
extent that a Linked Unit holder's Mix and Match Election cannot be satisfied
in full, it will be scaled down on a pro rata basis.
The number of Anglo American Shares to be received in exchange for cash will be
determined on the basis of a price per Anglo American Share (adjusted as
necessary for the Anglo American Bonus Issue), in US Dollars, calculated as the
average of the daily closing prices of Anglo American Shares on the London
Stock Exchange converted to US Dollars at the Noon Buying Rate on each of the
relevant dealing days during the period commencing on 10 April 2001, being the
day of the posting of the Circular, and ending on the day prior to the date of
the adjourned Scheme Meeting, which is now expected to be on Friday, 18 May
2001.
Mix and Match Elections must be made and received prior to 4.00 pm on the
Record Date of the Scheme, which is expected to be Friday, 1 June 2001. If you
have not yet made a Mix and Match Election and wish to do so, such elections
must be made and received prior to 4.00 pm on 1 June 2001. If you have already
made a Mix and Match Election and wish to change it, you should submit a new
Mix and Match Election, which must be received prior to 4.00 pm on 1 June 2001,
using the new form which will be posted to Linked Unit holders (see section 14
below).
5. Currency Elections for Scheme Consideration and Anglo American Dividend
Entitlement
There is no change to the terms of the Currency Elections as set out in the
Circular.
Currency Elections must be made and received prior to 4.00 pm on the Record
Date of the Scheme, which is now expected to be Friday, 1 June 2001. If you
have not yet made a Currency Election and wish to do so, such elections must be
made and received prior to 4.00 pm on 1 June 2001. If you have already made a
Currency Election and wish to change it, you should submit a new Currency
Election, which must be received prior to 4.00 pm on 1 June 2001, using the new
form which will be posted to Linked Unit holders (see section 14 below).
6. Meeting and Voting Arrangements
The Scheme Meeting convened to be held at 10.00 am on Friday, 4 May 2001 will
be held at that time, and it is expected that the Scheme Meeting will be
adjourned until 10.00 am on Friday, 18 May 2001, to be held at the same venue.
The general meeting of DBCM Shareholders, and the meeting of holders of
Depositary Receipts, convened to be held at 10.30 am and 11.00 am respectively
on Friday, 4 May 2001, will be held at those times and it is expected that they
will be adjourned until 10.30 am and 11.00 am (or 10 minutes after the
termination of the previous meeting) on Friday, 18 May 2001. A confirmatory
announcement will be made following such adjournments.
Linked Unit holders who have already submitted proxy and voting instruction
forms indicating how they wish to vote at the relevant meetings and who do not
wish to change their votes in respect of the increased consideration, need not
submit new proxy and voting instruction forms.
Linked Unit holders who have already submitted proxy and voting instruction
forms who do wish to change their votes in respect of the increased offer,
should submit new proxy and voting instruction forms by no later than the
relevant dates set out in section 13 below. New proxy and voting instruction
forms will be posted to Linked Unit holders as set out in section 14 below.
7. Holders of De Beers ADRs
De Beers understands that the arrangements below, modifying those set out in
the Circular, will be put in place in respect of the ADRs.
Only ADR holders of record at the close of business on Friday, 11 May 2001 will
be entitled to submit a voting instruction form. ADR holders who held ADRs on
Friday, 10 April 2001, and remain ADR holders on the new record date, who have
already submitted their voting instruction forms instructing their ADR
depositary bank how to vote the Linked Units underlying their ADRs at the
relevant meetings, will not have to submit a new voting instruction form if
they do not wish to change their vote.
Any ADR holders who have already submitted their voting instruction forms and
who wish to change their vote, and any new ADR holders on the new record date,
should submit a new voting instruction form. De Beers understands that new
voting instruction forms will be posted to ADR holders by ADR depositary banks.
All voting instruction forms must be forwarded in sufficient time to reach the
ADR depositary bank before 3.00 pm (New York time) on Monday, 14 May 2001.
All Mix and Match Election instructions must be received by the ADR depositary
bank by 3.00 pm (New York time) on Friday, 25 May 2001.
If you have any questions concerning procedures related to ADRs, or have not
received the voting instruction forms and Circular, please contact the
information agent, DF King & Co. Inc. at 77 Water Street, New York, New York
10005 on +212 269 5550 or toll-free (from within the US only) on (800) 549 6697
8. Preference Share Scheme Meetings
There are no changes to the terms of the First Preference Share Scheme or the
Second Preference Share Scheme.
Neither of the Preference Share Schemes are conditional on the implementation
of the Scheme and vice versa. The meetings in relation to each of the
Preference Share Schemes will be held, as previously advised and set out in the
First Preference Share Scheme Circular and Second Preference Share Scheme
Circular, on 4 May 2001.
9. De Beers Incentive Scheme Participants
Arrangements will be made with all De Beers option and convertible debenture
holders, being participants in the DBCM Incentive Scheme, under which those
participants will, should the Transaction become unconditional, be required to
sell their rights or De Beers Linked Units under the DBCM Incentive Scheme on
terms and conditions similar to those applying to participants in the Scheme
and reflecting DBI's increased offer terms.
10. Financing of the Transaction
The increase in the offer to De Beers Linked Unit holders will be funded by
US$250 million of additional DBI senior debt with the remainder funded by
increased equity contributions from DBI's shareholders.
Dresdner Bank Luxembourg S.A. ("Dresdner") and UBS AG ("UBS") have underwritten
an amortising term loan facility in the increased amount of US$3.55 billion.
The amount of the other senior credit facilities to be provided to DBI by
Dresdner and UBS and the cumulative redeemable preference shares in DBI to be
held by Anglo American and Debswana remain unchanged.
The shareholdings in DBI will continue to be held as to 45 per cent. by a
subsidiary of CHL, 45 per cent. by Anglo American and 10 per cent. by Debswana.
Debswana will, in addition, hold an approximate 11 per cent. interest in the
CHL subsidiary.
The Securities Regulation Panel in South Africa has been satisfied by UBS
Warburg Ltd. that, in accordance with Rule 21.7 of the Securities Regulation
Code on Take-overs and Mergers, sufficient funds are available to enable the
cash portion of the Scheme Consideration, as increased, to be paid.
11. Financial effects of the Transaction
The table below sets out the pro forma financial effects of the Transaction for
Independent De Beers Linked Unit Holders based on the increased offer, the
Transaction being approved and on the assumptions set out below.
Per Linked Unit
Notes
Before the After the % change
Transaction Transaction
(SA Rands) (SA Rands)
Market value i, ii 255.60 329.58 28.9
Market value i, iii 319.80 347.93 8.8
Market value i, iv 315.20 342.49 8.7
Net asset value v, vi 183.54 260.25 41.8
Headline earnings vii, viii, ix, xi 28.58 23.14 (19.0)
Dividends xii, xiii 10.59 12.81 21.0
Per Linked Unit
Notes
Before the After the % change
Transaction Transaction
(US Dollars) (US Dollars)
Market value i, ii 32.90 42.42 28.9
Market value i, iii 40.58 44.15 8.8
Market value i, iv 39.35 42.78 8.7
Net asset value v, vi 24.26 34.38 41.7
Headline earnings vii, viii, x, xi 4.22 2.95 (30.1)
Dividends xii, xiii 1.37 1.38 0.7
Assumptions
i. Based on closing market prices of a De Beers Linked Unit on the JSE
Securities Exchange and an Anglo American Share on the London Stock Exchange
and currencies (South African Rands/US Dollar and US Dollar/Pounds Sterling)
converted at the relevant Noon Buying Rates.
ii. On 31 January 2001, being the day immediately prior to the publication of
the first cautionary announcement in relation to the Transaction.
iii. On 14 February 2001, being the day immediately prior to the publication of
the detailed cautionary announcement reflecting the terms of the Transaction.
iv. On 28 March 2001, being the day immediately prior to the publication of the
firm intention announcement in relation to the Transaction.
v. The amount in the "Before" column is based on the net asset value of De
Beers at 31 December 2000 on a fully diluted basis.
vi. The amount in the "After" column is based on the pro forma net asset value
of Anglo American at 31 December 2000, as disclosed in the Circular, on the
basis of the diluted number of Anglo American Shares outstanding assuming the
Transaction had been in effect from 3 January 2000, and applying the ratio of
1.784 Anglo American Shares per De Beers Linked Unit.
vii. The amounts in the "Before" column are based on the audited financial
results of De Beers for the year ended 31 December 2000, adjusted to include
the effect of DBCM Incentive Scheme options and debentures assuming they had
been exercised on 3 January 2000, the first business day of the last financial
year.
viii. The amounts in the "After" column have been calculated utilising the pro
forma results of Anglo American for the twelve months ended 31 December 2000,
as disclosed in the Circular, assuming the Transaction had been in effect from
3 January 2000, and applying the ratio of 1.784 Anglo American Shares per De
Beers Linked Unit.
ix. The amount in the "After" column includes after-tax interest which a South
African holder of De Beers Linked Units would have earned on the principal cash
component of the Scheme Consideration, being the amount of US$15.35 per De
Beers Linked Unit, after conversion to South African Rands at a rate of 6.126
Rands per US Dollar ruling on 3 January 2000 and applying a South African
marginal tax rate of 42.0 per cent. on an equivalent amount invested at the
Negotiable Certificate of Deposit interest rate of 11.9 per cent. (net annual
compound monthly) for the 12 months ended 31 December 2000.
x. The amount in the "After" column includes after-tax interest which a UK
holder of De Beers Linked Units would have earned on the principal cash
component of the Scheme Consideration, being the amount of US$15.35 per De
Beers Linked Unit, applying a UK marginal tax rate of 40.0 per cent. on an
equivalent amount invested at the London Interbank Deposit interest rate of
5.8175 per cent. (net annual compound monthly) calculated as a spread of 12.5
basis points below the London Interbank Offered Rate for US dollar deposits for
the 12 months ended 31 December 2000.
xi. Effects on headline earnings per De Beers Linked Unit have been calculated
utilising the fully diluted weighted average number of De Beers Linked Units in
issue for the year ended 31 December 2000, being 407,372,852 De Beers Linked
Units (assuming that the DBCM Incentive Scheme options and debentures had been
exercised on 3 January 2000) and a diluted number of Anglo American Shares
outstanding of 1,421,480,392 following the bonus issue and cancellation of
Anglo American Shares.
xii. The amount in the "Before" column reflects the year 2000 dividends
declared by De Beers. No adjustment has been made as a result of the conversion
of options and debentures issued under the DBCM Incentive Scheme as considered
in the impact on earnings.
xiii. The amount in the "After" column reflects the year 2000 dividends
declared by Anglo American in respect of the Anglo American Shares to be
distributed pursuant to the Transaction, and the after-tax interest calculated
as detailed in assumptions ix and x.
12. Conditions
The Scheme remains subject to the conditions set out in the Circular.
13. New Expected Timetable
As set out in section 6 above, the Scheme Meeting, the general meeting of DBCM
Shareholders and the meeting of holders of Depositary Receipts will be convened
on Friday, 4 May 2001, but are expected to be adjourned to the revised dates
and times set out below. A confirmatory announcement will be made following
such adjournments.
Revised expected dates and times in relation to the Scheme are set out below.
All the times are South African times unless otherwise indicated.
Anglo American Extraordinary General Meeting
Friday, 4 May
Expected record date for Anglo American Bonus Issue
Friday, 4 May
First Preference Share Scheme Meeting to be held at 11.30 am
Friday, 4 May
Second Preference Share Scheme Meeting to be held at 12.30 am
Friday, 4 May
Expected date of allotment and listings of Anglo American Shares issued in
terms of the Anglo American Bonus Issue
Tuesday, 8 May
Payment date of De Beers final dividends
Wednesday, 16 May
Last day for receipt of Green Company Proxy forms for the general meeting of
DBCM Shareholders, by 10.30 am
Wednesday, 16 May
Last day for the receipt of Yellow Voting Instruction Forms and Pink
Depositary Receipt Forms, by 11.00 am
Wednesday, 16 May
Last day for receipt of Blue Scheme Proxy Forms for the Scheme Meeting by 10.00
am (Scheme Proxy Forms may also be handed to the Chairman of the Scheme Meeting
not later than 10 minutes before commencement of the Scheme Meeting)
Thursday, 17 May
Last day to register in order to vote at the Scheme Meeting, the general
meeting of DBCM Shareholders and the meeting of holders of Depositary Receipts,
by 4.00 pm
Thursday, 17 May
Adjourned Scheme Meeting expected to be held at 10.00 am
Friday, 18 May
Adjourned General Meeting of DBCM Shareholders expected to be held at 10.30 am
(see note i)
Friday, 18 May
Adjourned meeting of holders of Depositary Receipts expected to be held at
11.00 am (see note i)
Friday, 18 May
Expected date of Court hearing to sanction the Scheme at 10.00 am
Tuesday, 29 May
Expected date of suspension of the listings of Linked Units
Wednesday, 30 May
Expected Record Date (date on which Linked Unit holders must be registered in
order to be Scheme Participants and so be entitled to the Scheme
Consideration), at 4.00 pm by which time:
(a) all Currency Elections must have been made and received in respect of a
specified number of Linked Units, the Documents of Title of which must have
been surrendered on such election; and
(b) all Mix and Match Elections must have been made and received in respect of
a specified number of Linked Units, the Documents of Title of which must have
been surrendered on such election
(see note ii)
Friday, 1 June
Expected date of termination of listings of Linked Units on the JSE and the LSE
at 4.00 pm
Friday, 1 June
Expected Operative Date
Monday, 4 June
Expected Implementation Date (date on which Scheme Consideration will be posted
/ available for collection by Scheme Participants surrendering their Documents
of Title prior to 4.00 pm on the Record Date (see note iii)
Friday, 8 June
Notes:
i. The relevant meeting will commence at the later of the given times and ten
minutes after the termination of the preceding meeting.
ii. A Currency Election and/or Mix and Match Election must be made and received
prior to 4.00 pm on the Record Date. Such election will only be valid if it is
made on the White Surrender, Nomination and Election Form and submitted with
the Documents of Title relating thereto. No such election will be valid if it
is made and received after the Record Date.
iii. Any Scheme Participant who does not surrender his Documents of Title prior
to 4.00 pm on the Record Date will have his Scheme Consideration posted, or may
arrange for collection thereof, 5 Business Days after the surrender of the
relevant Documents of Title.
iv. Holders of Linked Units who surrender their Documents of Title prior to
4.00 pm on the Record Date will not be able to trade those Linked Units from
the time of such surrender.
v. All dates and times indicated above are subject to amendment. All
amendments will be published in the South African press.
vi. All dealings in Linked Units on the JSE or the LSE during the week ending
on the Record Date, which is expected to be Friday, 1 June 2001, will be for
immediate settlement.
14. New Forms
A copy of this announcement, a new Surrender, Nomination and Election Form and
new proxy and voting instruction forms in relation to each of the Scheme
Meeting, general meeting of DBCM Shareholders and the meeting of holders of
Depositary Receipts will be sent to all Linked Unit holders as soon as
possible. If you have not received these, or a copy of the Circular, by
Tuesday, 8 May 2001, please call either 0861 100 947 (within SA), +27 11 722
2290 (outside SA), 0870 703 0025 (within UK) or +44 870 703 0025 (outside UK)
for assistance.
15. Regulatory and legal matters
De Beers and LVMH announced on 19 April 2001 that the European Commission has
opened a Phase II investigation into their proposal to establish an
independently managed company to retail diamond jewellery under the De Beers
name, that both De Beers and LVMH will continue to assist the European
Commission in its investigation which is required to be completed within an
additional four months and that both parties remain fully committed to the
implementation of the project.
De Beers has learned that two suits have recently been filed in the U.S.
district court for the Southern District of New York seeking damages and
certain injunctive relief arising out of antitrust claims relating to gem
diamonds. As De Beers has stated previously in respect of other US antitrust
suits, it believes that the US courts' jurisdiction does not reach De Beers'
activities and thus these suits do not present significant legal risks.
16. Sources and bases
(i) A consideration of US$45.94 in respect of each Linked Unit, expressed in
ZAR terms as ZAR366.03 is based on a ZAR to US$ exchange rate of 7.9675 which
was the noon buying rate in the City of New York for cable transfers as
announced by the Federal Reserve Bank of New York for customs purposes (the
"Noon Buying Rate") on 27 April 2001, being the last business day prior to this
announcement.
(ii) A consideration of US$45.94 is based on an Anglo American Share price of
US$65.05, which was the official close price of an Anglo American Share of
GBP45.29 as quoted on the London Stock Exchange on 27 April 2001, being the
last business day prior to this announcement, converted to US$ at a US$ to GBP
exchange rate of 1.4362, being the Noon Buying Rate on such date.
(iii) The implied market value of the Diamond Business on any day is based on
De Beers' market capitalisation less the market value of its investment in
Anglo American on that day.
(iv) On 27 April 2001, the number of Linked Units in issue was 399,958,775 and
the fully diluted number of Linked Units was 407,546,615.
Commenting today on the increased offer:
Tim Capon, Chairman of the De Beers Independent Directors' Committee, said:
"We welcome the increase in DBI's offer and recommend to our Independent Linked
Unit Holders that they accept the increased and final offer."
Nicky Oppenheimer, Chairman of DBI, said:
"We believe our increase of US$2.00 per Linked Unit above our original proposal
represents maximum value to shareholders. The revision to the offer provides
Independent Linked Unit Holders with certainty and immediate value in an
increasingly uncertain economic environment."
Tony Trahar, Chief Executive of Anglo American, said:
"The rationale and benefits of this transaction for Anglo American remain
compelling, providing the opportunity to achieve our key objective of
eliminating the cross holding whilst increasing our interest in the De Beers
Diamond Business to 45 per cent."
Louis Nchindo, Managing Director of Debswana, said:
"Debswana remains convinced of the strong rationale for this transaction which
increases its holding in De Beers and enhances the relationship between the
Botswana Government and the Oppenheimer family."
Enquiries
De Beers
(www.debeersgroup.com)
Rory More O'Ferrall +44 20 7430 3126
Andrew Lamont (UK Media) +44 20 7430 3515
Joan Braune (International PR) +44 20 7430 3505
Richard Chetwode (International IR) +44 20 7430 3102
Tracey Peterson (SA Media) +27 11 374 7388
Mark Irvine (SA IR) +27 11 374 7174
DBI
Nicky Oppenheimer +44 20 7430 3076
Clifford Elphick +27 11 638 2125
CHL
Grant Stubbs +44 20 7242 1216
Clifford Elphick +27 11 638 2125
Anglo American
Nick von Schirnding (UK IR) +44 20 7698 8540
Edward Bickham (UK Media) +44 20 7698 8547
Mike Spicer (SA Media) +27 11 638 3301
Anne Dunn (SA Media and IR) +27 11 638 4730
Debswana
Louis Nchindo +267 351 131
Joe Matome +267 351 131
N M Rothschild & Sons (Adviser to De Beers)
Nicholas Wrigley +44 20 7280 5000
Mark Hill +44 20 7280 5000
Stephen Gorven +27 11 797 8200
HSBC
(Sponsor in RSA and broker to De Beers)
Simon Birkett +44 20 7336 2202
Michele Acton +44 20 7336 9000
Keith Rayner +27 11 481 4378
UBS Warburg
(Adviser to DBI)
Ken Costa +44 20 7568 2822
Campbell Stewart +44 20 7568 2360
Alexander Wilmot-Sitwell +44 20 7568 2165
Merrill Lynch
(Adviser to Anglo American)
Mark Preston +44 20 7867 2524
Kevin Smith +44 20 7867 3356
Nick Pagden +27 11 305 5555
Cazenove
(Sponsor in RSA and broker to Anglo American)
Nick Wiles +44 20 7588 2828
Piers Coombs +44 20 7588 2828
S G Hambros
(Adviser to Debswana)
Michael Sorkin +44 20 7676 6615
Clifford Halvorsen +44 20 7676 6925
Jan Newman +27 11 784 5050
Smithfield Financial
(PR adviser to De Beers)
John Antcliffe +44 20 7360 4900
John Kiely +44 20 7360 4900
Brunswick
(PR adviser to DBI)
Alan Parker +44 20 7404 5959
