11 Mar 2011 16:00
Avocet Mining PLC ('Avocet' or the 'Company')
Publication of information memorandum for Avocet
Avocet has published an information memorandum, prepared pursuant to section 3.5 of the continuing obligations for companies listed on Oslo Børs and EU Regulation No 809/2004, in connection with the sale of the Company's South East Asian assets as announced on 24 December 2010 (the "Information Memorandum").
The Information Memorandum contains certain information both in respect of the South East Asian assets being disposed of, and on Avocet after completion of the sale. Included are pro-forma financial statements which include an estimate of the expenses and working capital adjustments relating to the disposal of US$30 million, resulting in net consideration of US$170 million.
The Company continues to anticipate completion of the sale of the South East Asian assets in Q2 2011 but has specified that the working capital adjustments associated with this transaction will occur after completion, in line with common practice. The timing of the working capital adjustment is shown in the table below:
Sale and Purchase Agreements signed | 23 December 2010 (actual) |
Transaction announced | 24 December 2010 (actual) |
Deadline for ROFR over certain Indonesian assets | 10 February 2011 (actual) |
Payment of second tranche into escrow | 25 February 2011 (actual) |
Governmental approvals and fulfilment of other conditions precedent | 21 June 2011 (estimated) |
Completion | 26 June 2011(estimated) |
Working capital adjustment | 20 August 2011 (estimated) |
This document is available on the Company's website at www.avocet.co.uk.
Contacts:
Hans-Arne L'orange, Jim Wynn, Avocet Mining PLC, 020 7766 7676
Samantha Harrison, Jen Boorer, Ambrian Partners Limited, 020 7634 4700