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Arctic Resources Limited
(Registration number 376709)
(Incorporated in the British Virgin Islands)
("Arctic")
Unwinding of the control structure in Anglovaal Mining Limited ("Avmin")
1. Introduction
Investec Bank Limited is authorised to announce the details of
the unwinding of the control structure in Avmin.
2. Background
During October 2000, the Menell family together with a group of
offshore investors entered into agreements whereby their collective
interests in Avmin were pooled in Arctic. It has always been Arctic's
intention to unlock value for shareholders of Avmin via appropriate
strategic initiatives.
3. The unwinding of the control structure
Subject to appropriate regulatory approvals, Arctic has disposed of
34,9% of the issued share capital of Avmin to Anglo American plc for
a cash consideration of R41 per Avmin share representing a total
consideration of R1,6 billion.
4. Rationale
The disposal by Arctic of a material portion of its holding in Avmin
represents the elimination of the historical control structure and
provides a new environment in which Avmin can pursue further
opportunities.
Arctic believes that it has created significant value since its entry
into Avmin in October 2000. Avmin is now facing new challenges and
opportunities, which are best met by the introduction of a strategic
industry partner.
The investment by Anglo American plc is a strong endorsement of Avmin's
prospects as a successful mining operator and developer of quality
mineral
projects in southern Africa.
12 March 2002
Johannesburg
Merchant Bank
Investec Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Legal advisor
Jowell, Glyn & Marais Inc
(Registration number 1990/000849/21)
ANGLOVAAL MINING LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: AIN ISIN: ZAE000017141
("Avmin")
Introduction of strategic shareholder
The board of Avmin has been informed that, subject to appropriate
regulatory approvals, Arctic Resources Limited ("Arctic") has disposed
of 34,9% of the issued share capital of Avmin, at R41 per share to
Anglo American plc ("Anglo American").
The disposal by Arctic of a material portion of its holding in Avmin
represents the elimination of the historical control structure of this
South African company.
In this regard shareholders are referred to the press release by
Anglo American appearing on the Securities Exchange News Service.
The board of Avmin welcomes the supportive statements that have been
made by Anglo American regarding co-operation with Avmin. The board of
Avmin looks forward to working together with Anglo American to ensure
that these expressions of support can be harnessed to the maximum
advantage of all Avmin's stakeholders.
Avmin believes that the company's ability to meet new challenges and
opportunities will be enhanced by the presence of Anglo American,
a leading resource industry player.
Johannesburg
12 March 2002
Sponsor to Avmin
Deutsche Securities
Member of the Deutsche Bank Group
Deutsche Securities (SA) (Proprietary) Limited
(Registration number 1995/011798/07)
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