Kumba - Court Approves Ticor Scheme Of Arrangement
Kumba - Court Approves Ticor Scheme Of Arrangement
Kumba Resources Limited
Incorporated in the Republic of South Africa
(Registration Number: 2000/011076/06)
Share Code: KMB
ISIN Number: ZAE000034310
("Kumba")
COURT APPROVES TICOR SCHEME OF ARRANGEMENT
The Federal Court of Australia yesterday, 1 November 2005, approved the Scheme
of Arrangement under which Kumba Investments (Australia) Pty Ltd ("KIA"), a
wholly owned subsidiary of Kumba, will acquire all of the shares in Ticor
Limited ("Ticor") that it does not already own for A$1.875 cash per share
("Scheme"). KIA presently holds 51.22% of the issued share capital of Ticor.
Kumba understands that Ticor shares will be suspended from trading on the
Australian Stock Exchange ("ASX") from the close of business on 4 November 2005,
and that payment of the Scheme consideration to Ticor shareholders will be made
on 22 November 2005, the date that Ticor will be de-listed from the ASX.
Commenting on the outcome of the court hearing, Kumba Resources Chief Executive
Dr Con Fauconnier said: "We are delighted that we have now received the final
approval required for our acquisition of the Ticor minorities. Our initial
objectives were to simplify the Kumba group structure and create a significantly
larger heavy minerals business with greater geographic and commodity
diversification.
"We wish to acknowledge the important and constructive role played by the Ticor
Board since the start of our negotiations. We look forward to the closer working
relationship with Ticor employees as well as our partners in the Tiwest joint
venture in Australia."
Kumba was advised on the acquisition of the Ticor minority interests by JPMorgan
and Mallesons Stephen Jaques.
Pretoria
02 November 2005
Financial Adviser and Sponsor
JPMorgan
For enquiries contact:
Trevor Arran
Kumba Resources Limited
General Manager, Corporate Affairs & Investor Relations
Tel: +27 (0) 83 609 1444
Date: 02/11/2005 09:57:11 AM Produced by the JSE SENS Department
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