Lonmin announces intention to buyout Messina minorities
Lonmin Plc
(Incorporated in England)
(Registered in the Republic of South Africa under registration
number 1969/000015/10)
ISIN code: GB0031192486
JSE code: LON
Issuer code: LOLMI
(`Lonmin`)
16 September 2005
Lonmin announces intention to buyout Messina minorities
Following completion of the acquisition of Southern Platinum Corp. (Southern
Platinum), on 15 September 2005 Lonmin informed the board of Messina Limited
(`Messina`) of its firm intention to proceed with a cash offer of Rand 33.00 per
share for the outstanding shares in Messina not currently owned by the Lonmin
Group. Through its acquisition of Southern Platinum, the Lonmin Group currently
owns 91.5% of Messina. The cash offer is conditional only upon the obtaining of
the requisite regulatory approvals. This offer is required under the terms of
the South African Securities Regulation Panel Code on Takeovers and Mergers and
the Rules of the SRP.
The offer price of Rand 33.00 per share represents the see through value of
Messina based on the offer price Lonmin paid for 100% of Southern Platinum and
is a:
- premium of 84% to the closing market value of Messina shares on the
Johannesburg Stock Exchange (`JSE`) on 18 March 2005, the last trading day
before Lonmin announced its offer for Southern Platinum; and
- discount of 20% to the closing market value of Messina shares of Rand 41.47
on the JSE on 14 September 2005.
The offer price values the total outstanding Messina shares at Rand 56.3 million
(US$8.9 million).
Messina has appointed an independent sub committee of the board to consider the
offer proposal. A circular setting out full details of the offer will be sent
to Messina shareholders shortly.
Enquiries:
Alex Shorland-Ball +44 20 7201 6060
Vice President, Investor Relations & Communications
ENDS
Date: 16/09/2005 08:00:17 AM
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