Simmer And Jack Mines, Limited - Further Cautionar
Simmer And Jack Mines, Limited - Further Cautionary
Announcement Regarding An Agreement To Purchase
Buffelsfontein Shares From Drdgold Limited
SIMMER AND JACK MINES, LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1924/007778/06)
(`SIMMERS` OR `THE COMPANY`)
SHARE CODE: SIM
ISIN: ZAE000006722
FURTHER CAUTIONARY ANNOUNCEMENT REGARDING AN AGREEMENT TO
PURCHASE BUFFELSFONTEIN SHARES FROM DRDGOLD LIMITED
Shareholders are referred to the further cautionary
announcement published on SENS on 25 July 2005. The board is
pleased to announce that an agreement has been signed with
DRDGOLD Limited (`DRD`) to purchase the entire issued share
capital of Buffelsfontein Gold Mines Limited, which is in
provisional liquidation (`Buffelsfontein`), and commonly
known as the North West Operations (`NWO`) (`the
acquisition`) for R1.00 (one rand). According to the scheme
of arrangement to be proposed by Simmers the company will
pay a capital consideration of R45-million to conclude the
acquisition.
The acquisition is conditional on acceptance by the High
Court of South Africa, the majority of Buffelsfontein
creditors accepting the proposed Simmers scheme of
arrangement and the approval of the Competition Commission.
In addition, the Department of Water Affairs and forestry
must agree to the substitution of Simmers in place of DRD to
assume responsibility in the water pumping directives that
currently govern the apportionment of the area`s water
pumping costs.
Shareholders are therefore advised to continue to exercise
caution in this regard until a further detailed announcement
is made in this regard,
SPONSOR
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Date: 02/09/2005 05:00:35 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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
