|
Avgold - Update on sale of ETC
Avgold Limited
Registration number 1990/007025/06
(Incorporated in the Republic of South Africa)
(Share code: AVG)
(ISIN code: ZAE000012175)
("Avgold")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION INTO OR IN THE UNITED STATES,
CANADA OR JAPAN.
AVGOLD - UPDATE ON SALE OF ETC
Avgold announced on 17 February 2003, that it had entered into a Sale of
Business Agreement (the "sale agreement") whereby Metorex Limited ("Metorex")
and a subsidiary of Metorex, Barberton Mines Limited ("Barberton Mines"), would
acquire Avgold"s ETC assets for R300 million in cash, subject to certain
conditions precedent (the "sale").
Each of the conditions precedent, other than the approval by a majority of
Metorex"s shareholders, has now been met. In advance of calling its shareholder
meeting, Metorex has initiated discussions with Avgold directed at revising the
terms of the sale agreement. Avgold does not expect any revision in the terms
of the sale to be material to Avgold or to affect the timing of the sale,
scheduled to be completed before 30 June 2003.
Barberton Mines will be owned approximately: 54% by Metorex, a diversified
mining company; 26% by Millennium Consolidated Investments Limited, an
empowerment company of historically disadvantaged South Africans; and 20% by
Crew Development Corporation, Metorex"s largest shareholder. The sale may meet
some of the empowerment requirements set by the New Minerals Act, though there
can be no assurance of how the sale will be treated under that legislation.
This announcement is directed only at persons who (i) are outside the United
Kingdom or (ii) are in the United Kingdom and either have professional
experience in matters relating to investments or are high net worth companies,
unincorporated associations etc for the purposes of Article 49 of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001 (all such persons
together being referred to as "relevant persons"). This announcement must not be
acted on or relied on by persons who are not relevant persons. Any investment
or investment activity to which this announcement relates is available only to
relevant persons and will be engaged in only with relevant persons.
Stabilisation/FSA.
This announcement is not for publication or distribution or release in the
United States of America (including its territories and possessions, any state
of the United States and the District of Columbia). This announcement does not
constitute or form part of an offer or solicitation of an offer to purchase or
subscribe for securities in the United States or any other jurisdiction. The
securities referred to herein have not been and will not be registered under the
United States Securities Act of 1933, as amended, and may not be offered or sold
in the United States, except pursuant to an applicable exemption from
registration. No public offering of securities is being made in the United
States.
Neither this announcement nor any copy of it may be taken, transmitted or
distributed, directly or indirectly in or into the United States, Canada or
Japan.
Johannesburg: Dated 14 April 2003
Enquiries:
Avgold
Julian Gwillim +27 11 634 0092
Ebrahim Takolia +27 11 634 0333
Issued by:
Sponsor to Avgold
Deutsche Securities (SA) (Proprietary) Limited
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
