Rrm Investment Holdings Limited - Progress With Ne
Of Cautionary Announcement
RRM Investment Holdings Limited
(Formerly Minaco Granite & Marble Limited)
Incorporated in the Republic of South Africa
(Registration Number 1987/004368/06 share code RRM; ISIN ZAE 000030078)
("RRM" or the company)
PROGRESS WITH NEGOTIATIONS AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
DETAILS OF THE PROPOSED ACQUISITION
Further to the cautionary announcements dated 4 January 2002, 12 November
2001, 8 August 2001 and the announcement on 29 June 2001 regarding the
proposed acquisition of Micofin Resources (Pty) Ltd ("Micofin Resources"),
shareholders are informed that agreement has been reached for the
acquisition by Micofin Resources of 40% of the ordinary share capital of
each of Diaz Point Explorations (Proprietary) Limited ("Diaz Point") and
Grosse Bucht Diamonds (Proprietary) Limited (:Grosse Bucht") as well as to
subscribe for N$5 million worth of new redeemable, variable rate
preference shares in Grosse Bucht. The ordinary shares in Diaz Point and
Grosse Bucht, for which Micofin Resources will pay N$10 million in cash
and RRM will issue 8 million new consolidated shares, are being bought
from Otjua Minerals (Proprietary) Limited ("Otjua"). Otjua has also
reached agreement for the sale of a further 40% of the ordinary share
capital of each of Diaz Point and Grosse Bucht to Omina (Property)
Limited, which comprises a Namibian empowerment group. The balance of 20%
of the ordinary chare capital in both Diaz Point and Grosse Bucht will be
retained by Otjua and has not been acquired as it was not for sale. These
transactions are subject, inter alia, to the approval of Namdeb Diamond
Corporation (Propriety) Limited, the JSE Securities Exchange South Africa,
the Securities Regulation Panel, the Namibian Stock Exchange, RRM
shareholders and to RRM raising a minimum of R40 million by way of a
specific issue of shares for cash.
Diaz Point holds the right to explore and mine diamond deposits over 130
kilometers on the coast of Diamond Area Number 1 in the Serrgebeit in
Namibia. Grosse Bucht performs a contracting role to Diaz Point. The
financial effects of the transactions will be communicated to shareholders
in due course.
CIRCULAR
A circular, containing full details of the proposals and convening a
meeting of shareholders to approve the proposals, is in the course of
preparations and will be posted to shareholders once the requisite
approvals have been obtained.
RENEWAL OF CAUTIONARY
Shareholders are advised to continue to exercise caution in dealing in the
company's shares until the necessary approvals have been obtained and a
full announcement can be made, as the proposals might have a material
effect on the price at which RRM shares trade.
Johannesburg
18 February 2002
Sponsor
LPC Manhattan Sponsors (Pty) Ltd
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