| Fri 29 Jul 2005, 12:20 | | Lonmin Completes Compulsory Acquisition |
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Lonmin Plc - Lonmin Completes Compulsory Acquisition Of Remaining Shares Of
Southern Platinum
Lonmin Plc
Share code: LON Isin: GB0031192486
LONMIN COMPLETES COMPULSORY ACQUISITION OF REMAINING SHARES OF SOUTHERN PLATINUM
LONDON, ENGLAND and TORONTO, ONTARIO - July 29, 2005 - Lonmin Investments Canada
Inc. (`Lonmin Investments`) and Southern Platinum Corp. (`Southern Platinum`)
announce that on June 28, 2005 Lonmin Investments became the sole shareholder of
Southern Platinum following the completion of statutory compulsory acquisition
proceedings pursuant to the provisions of the Canada Business Corporations Act.
As a result of the compulsory acquisition, Lonmin Investments acquired all of
the common shares (`SPC Shares`) in the capital of Southern Platinum which
Lonmin Investments did not previously own. Lonmin Investments had previously
acquired approximately 85,090,000 SPC Shares pursuant to its takeover bid that
concluded on June 28, 2005, representing approximately 97% of the aggregate
number of issued and outstanding SPC Shares and approximately 91% of the SPC
Shares on a fully diluted basis. In connection with the compulsory acquisition,
the SPC Shares were delisted from the Toronto Stock Exchange at the close of
trading on July 26, 2005.
On July 29, 2005, after the completion of the compulsory acquisition, Southern
Platinum effected a share reclassification (the `Reclassification`) whereby each
issued and outstanding SPC Share was changed into a preferred share of Southern
Platinum redeemable by Southern Platinum or the holder thereof for a redemption
price of $2.66 per preferred share. Lonmin Investments also subscribed for and
holds all of the shares outstanding of a newly created class of common shares of
Southern Platinum. As a result of the Reclassification, the terms of the Toronto
Stock Exchange-listed warrants outstanding under the warrant indenture of
November 17, 2003 entered into by SouthernEra Diamonds Inc., Southern Platinum
and Computershare Trust Company of Canada were amended as of July 29, 2005 and
Southern Platinum was released from all of its obligations in respect of such
warrants.
Southern Platinum and Lonmin Investments intend to amalgamate on August 1, 2005
with the surviving corporate entity to be named Lonmin Investments Canada Inc.,
which will be a whollyowned subsidiary of Lonmin Plc. The amalgamated company
will apply to Canadian securities regulatories to cease to be a reporting issuer
under the securities laws in all applicable provinces of Canada.
This press release includes forward-looking statements. All statements other
than statements of historical fact included in this press release, and all
statements regarding plans, objectives and expected performance, are forward-
looking statements. These forward-looking statements have been based on current
expectations and projections about future events, including numerous
assumptions. Forward-looking statements generally can be identified by the use
of forwardlooking terminology such as `ambition`, `may`, `will`, `expect`,
`intend`, `estimate`, `anticipate`, `believe`, `plan`, `seek` or `continue` or
negative forms or variations of similar terminology. Such forward-looking
statements involve known and unknown risks, uncertainties, assumptions and other
factors related to Lonmin Plc, Lonmin Investments and Southern Platinum Corp.
Forward-looking statements involve risks, uncertainties and assumptions. Actual
results may differ materially from those expressed in forward-looking
statements. Given these risks, uncertainties and assumptions, you are cautioned
not to put undue reliance on any forwardlooking statements. In addition, the
inclusion of such forward-looking statements should under no circumstances be
regarded as a representation by Lonmin Plc, Lonmin Investments or Southern
Platinum that either will achieve any results set out in such statements or that
the underlying assumptions used will in fact be the case.
For Further Information:
Lonmin Investments and Southern Platinum:
Alex Shorland-Ball, Vice President Investor Relations & Communications, Lonmin
Plc -
+44 20 7201 6060
Media Enquiries:
United Kingdom:
Nadja Vetter, Anthony Cardew - CardewGroup - +44 (0)20 7930 0777
South Africa:
Johannes van Niekerk - College Hill - +27 11 447 3030 or +27 82 921 9110
Canada:
John Lute - Lute & Company - +1 416 929 5883 ext 222
Date: 29/07/2005 12:10:11 PM
Produced by the JSE SENS Department
