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The Company is pleased to announce that it has disposed of 50% of its entire holding of 17,835,294 shares in Kalahari Minerals plc ("KAH Shares") at a price of 185p per KAH Share and furthermore has entered in to an agreement, subject only to shareholders consent, to dispose of the remaining 50% of its holding at a price of 185p per KAH Share. The gross proceeds of the sale of the entire holding 17,835,294 KAH shares will be £32,995,293.90. The first tranche of 8,917,647 KAH Shares (being 50% of EML's holding) was unconditionally sold on 25 March 2010 for a gross cash consideration of £ 16,497,646.95 ("Tranche 1") to Nippon Uranium Resources (Australia) Proprietary Limited, a wholly owned subsidiary of Itochu Corporation for settlement on 1 April 2010. Under an agreement with Nippon Uranium Resources (Australia) Proprietary Limited dated 25 March 2010 the Company has agreed terms for the disposal of the second tranche of 8,917,647 KAH Shares (being the entire balance of EML's holding) for a gross cash consideration of £16,497,646.95 ("Tranche 2") is subject to EML shareholder approval at a general meeting of the Company which is expected to be convened for Friday 16th April 2010 (the "General Meeting") and will, if approved, be completed within six business days thereafter and in any event no later than 4 May 2010. The total gross consideration for Tranches 1 and 2 combined will be £ 32,995,293.90 and after associated and direct costs the directors believe that the total net consideration will be in excess of £32,250,000. Subject to completion of the sale of both Tranches 1 and 2 the Company intends to distribute approximately 50% of the net proceeds of the Transaction to shareholders by way of a special dividend. The Directors anticipate that such special dividend will be in the region of 4.4 to 4.8 pence per EML share. Under Aim Rule 15, following the disposal of both Tranches 1 and 2 the Company will be considered an investing company. A new investing strategy will be put to shareholders for approval at the General Meeting and the balance of the net sale proceeds will be applied in accordance with that strategy. The Company will have a period of twelve months from the date of the General Meeting to implement such strategy to the satisfaction of AIM. Further details of the proposed investing strategy and other matters relating to the transaction will be contained in the notice of general meeting to be distributed by the Company within seven days of this announcement. Kalahari Minerals plc is an AIM traded exploration and development company whose principal asset is a 39.1 per cent interest in Extract Resources Limited ('Extract Resources'), an ASX listed uranium exploration and development company with significant uranium assets in Namibia, namely the Husab uranium project comprising the Rossing South, Ida Dome and Hildenhof deposits. The closing mid market price per KAH share on 25 March 2010 was 181p valuing EML's total holding of KAH shares at £32,281,882. http://www.londonstockexchange.com/exchange/prices-and-news/… |
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| aus der Diskussion: | Germanium, Gallium und... |
| Autor (Datum des Eintrages): | updax (26.03.10 17:34:46) |
| Beitrag: | 20 von 192 (ID:39225088) |
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