|
Palabora Mining Company Limited - Results Of The Rights Offer And Interest Rate
Determination
PALABORA MINING COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1956/002134/06)
Share code: PAM ISIN: ZAE000005245
("the company")
RESULTS OF THE RIGHTS OFFER AND INTEREST RATE DETERMINATION
Results of the rights offer
The directors of the company have pleasure in announcing the following results
of the renounceable rights offer by the company of 849 465 floating rate
partially subordinated unsecured redeemable convertible debentures ("convertible
debentures") at a subscription price of R1 000 per convertible debenture, in the
ratio of 3 convertible debentures for every 100 ordinary shares held in the
company at the close of business on Friday, 22 August 2003 ("the rights offer"):
- Rio Tinto South Africa Limited ("the underwriter"), Anglo South Africa Capital
(Proprietary) Limited ("the sub-underwriter"), Palabora Holdings Limited and Rio
Tinto Investment Holdings B.V., irrevocably undertook to subscribe for or
procure subscriptions for all the convertible debentures to which they were
entitled and accordingly 661 865 convertible debentures (78% of the total number
of convertible debentures offered in terms of the rights offer) have been issued
to those shareholders;
- other shareholders and their renouncees subscribed for 186 729 of the
available 187 600 convertible debentures. This equates to an acceptance rate of
99,9% of the convertible debentures available after taking into account the
irrevocable undertakings described above;
- excess applications received were greater than the number of unsubscribed
convertible debentures available for allocation. The directors of the company
exercised their discretion in allocating the 871 convertible debentures for
which subscriptions were not received. Accordingly, the underwriter and sub-
underwriter were not called upon to subscribe for any underwritten convertible
debentures.
Interest rate determination
The interest rate in respect of the first interest period of the convertible
debentures will be 14,393% determined in accordance with the terms and
conditions of the convertible debentures.
Phalaborwa
16 September 2003
Corporate adviser and sponsor Merchant bank
Barnard Jacobs Mellet Standard Corporate and Merchant
Corporate Finance (Pty) Bank
Limited
Legal adviser Independent reporting accountants
Webber Wentzel Bowens PricewaterhouseCoopers Inc
Date: 16/09/2003 05:12:31 PM Produced by the JSE SENS Department
| 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 ] | |||||||||||||
|
|||||||||||||
