TRIBUNAL APPROVES UBUNTU-UBUNTU, AVMIN, AVGOLD AND HARMONY MERGER
The Competition Tribunal today, 7 April 2004, unconditionally approved the large
merger between Ubuntu-Ubuntu Commercial Enterprises, Anglovaal Mining (Avmin),
Avgold Ltd and Harmony Gold Mining Company Ltd after. The matter was heard this
morning.
The proposed transaction consists of four stages to be entered into by Ubuntu-
Ubuntu, Harmony, Avmin and Avgold
The parties claim the transaction will, not only result in the establishment of
the largest black-owned, diversified mining company in South Africa but unlock
significant value within Avmin and allow Avgold to be exploited to its fullest
potential.
Prior to the proposed transaction, Harmony holds 34,5% of Avmin"s issued share
capital. Upon implementation of the transaction, Harmony"s shareholding will be
diluted to 20,1% and Ubuntu will hold 43,1% of Avmin"s issued share capital. The
rest of Avmin"s share capital will be held by public and institutional
investors.
The various stages of the proposed transaction will be entered into
simultaneously.And, according to the parties, constitutes a single indivisible
transaction
Ubuntu-Ubuntu will become the effective controlling shareholder of a larger,
diversified and empowered Avmin. Due to Avmin"s involvement in gold, platinum,
nickel and ferrous metals assets mining, Ubuntu-Ubuntu will establish a
significant presence in these mining assets
Issued by: Jane Sussens
Communications Advisor
Tel: (011) 483 2687
Cell: 082 920 0875
Fax: (011) 483 2686
E-Mail: jane.sussens@mweb.co.za
On behalf of: Shan Ramburuth
CEO
The Competition Tribunal
Tel: (012) 482 9204
Fax (012) 482 9201
Cell: 083 357 1685
E-Mail: shanr@comptrib.co.za
Date: 07/04/2004 03:49:04 PM Produced by the JSE SENS Department
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