| Fri 15 Apr 2005, 8:53 | | Lonmin - Posting of offer documents |
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Lonmin - Posting of offer documents
Lonmin plc
Reg no: 1969/000015/10
Code: LON
ISIN: GB0031192486
(`Lonmin`)
News Release
Lonmin Plc and Southern Platinum Corp Announce Mailing of Offering Documents and
Directors` Circular to Shareholders of Southern Platinum Corp.
LONDON and TORONTO - April 14, 2005 -- Lonmin Plc (`Lonmin`) and Southern
Platinum Corp (`Southern Platinum`) announce that today the companies have
jointly mailed, in Toronto, offering documents, together with a Directors`
Circular supporting the Lonmin Offer (the `Offer`), to the shareholders of
Southern Platinum in connection with its cash offer for all of the issued and
outstanding common shares of Southern Platinum at a price of C$2.66 per common
share.
The offering documents have been filed with all applicable securities regulators
and will be available on the SEDAR website at www.sedar.com and Southern
Platinum`s website at www.southplats.com.
Copies of the documents can also be viewed on the Lonmin website at
www.lonmin.com and will be submitted to the UK Listing Authority for viewing at
the UK Listing Authority`s Document Viewing Facility, situated at: Financial
Services Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS. Tel
No (0) 20 7676 1000.
The Offer will be open for acceptance until 5:00 p.m., Eastern Standard Time
(EST), on May 20, 2005, unless extended or withdrawn by Lonmin. Holders of
Southern Platinum shares must tender by the expiration time in order to receive
the C$2.66 cash payment.
As described in the offering documents, Lonmin`s offer holds attractive benefits
for Southern Platinum shareholders, including:
A 39% premium over the closing share price on November 23, 2004, the last
trading day prior to Southern Platinum`s announcement that it was in continuing
discussions with its lenders to arrange the restructuring of the Messina project
debt facility and that in parallel, Southern Platinum was in discussions with
various other parties, including major platinum companies, to replace or
eliminate its syndicated project debt facility;
100% cash consideration and low transaction execution risk; and
A solution to the operating and financial risks facing Southern Platinum and its
shareholders.
The Board of Directors and Management of Southern Platinum have agreed to
support the Offer. Each of the directors and officers of Southern Platinum
holding common shares, representing in the aggregate approximately 2% of the
issued and outstanding common shares, has agreed to deposit their shares under
the Offer, and not withdraw them, except in limited circumstances.
The Board of Directors and a special committee of independent directors of
Southern Platinum have both determined unanimously that the consideration under
the Offer is fair to holders of the common shares and is in the best interests
of Southern Platinum. The Board and special committee have unanimously
recommended that shareholders accept the Offer and deposit their shares under
the Offer. RBC Capital Markets., as financial advisor to Southern Platinum, has
advised the special committee and Southern Platinum`s board that the
consideration under the Offer is fair, from a financial point of view, to
Southern Platinum shareholders.
For further information about tendering procedures or the Offer, Southern
Platinum shareholders can contact Innisfree M&A Incorporated at 1-888-750-5834
(English speakers) or 1-877-750-9498 (French speakers)
About Lonmin : Lonmin Plc is the third-largest and the lowest-cost primary
platinum producer in the world from its operations on South Africa`s Bushveld
Igneous Complex, Lonmin Platinum. It has an 82% interest in these assets which
produce over 900,000 ounces of Platinum per annum. The remaining 18% is owned by
Incwala Resources, a black economic empowerment group.
Lonmin Platinum operates three mines, a smelter, base metals refinery and
precious metals refinery. Lonmin markets 100% of the metals produced through a
wholly owned subsidiary, almost entirely on long term contracts. The mines,
smelter and base metals refinery are located in the Marikana district to the
east of the town of Rustenburg in the North West Province of South Africa. Two
Platinum-bearing reefs of UG2 and Merensky are mined simultaneously in the lease
area over a strike of some 27 kilometers at an average depth of 360 meters.
Underground mining predominates, although open cast mining is being carried out
at all three mines. The precious metal refinery is situated in Brakpan in the
Gauteng Province.
For Further Information:
Lonmin Plc
John Robinson, Chief Financial Officer - +44 20 7201 6032
Albert Jamieson, Vice President, Business Development - +27 11 516 1323
Jack Jones, Vice President, Business Development - +44 20 7201 6007
Southern Platinum Corp.
Chris Reynolds, Corporate Secretary - + 1 416 359 7800
Media Enquiries:
Lonmin Plc, United Kingdom
Nadja Vetter
Anthony Cardew
CardewGroup - +44 20 7930 0777
South Africa
Nicholas Williams
Johannes van Niekerk
College Hill - +27 11 447 3030
Canada
John Lute
Lute & Company - +416 929 5883 ext 222
End
Date: 15/04/2005 08:00:06 AM
Produced by the JSE SENS Department
