Last checked at 8 Jul 2015 08:59
8 July 2015
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Offer for Lemur Resources Limited declared unconditional and Offer extended
Bushveld Minerals (AIM: BMN), a diversified mineral development company with projects in Southern Africa, announces that it has waived the sole condition relating to its off-market takeover offer for Lemur Resources Limited ("Lemur"), the terms of which are contained in the Bidder's Statement dated 29 May 2015 (the "Offer"), being the Minimum Acceptance Condition (as defined in the Bidder's Statement), and the Offer is therefore now declared unconditional in all respects.
Pursuant to acceptances received to date, Bushveld holds an interest in 76.53% of the ordinary shares of Lemur with the Offer remaining open until the closing date, see below.
Notice has been given under section 650F and section 630(4) of the Corporations Act 2001 (Cth) in relation to this declaration and has been announced on the Australian Securities Exchange ("ASX") by Lemur and may be viewed in full here:
http://www.asx.com.au/asxpdf/20150708/pdf/42zpvv05qp6gvv.pdf
Extension of Offer
In addition, Bushveld Minerals announces that it has extended the closing date of the Offer to 7.00pm (AEST) on 17 August 2015.
Supplementary Bidder's Statement
On 26 June 2015 the Lemur board issued its Target's Statement regarding the Offer. As mentioned in the Target's Statement, Bushveld confirms that it is currently preparing a Supplementary Bidder's Statement to provide further disclosure in relation to the funding of the Offer consideration. The Supplementary Bidder's Statement will be despatched to Lemur shareholders and released on both the ASX and AIM as soon as possible.
Bushveld Minerals CEO, Fortune Mojapelo, said:
"We are obviously pleased with the attainment of an interest in over 75% of Lemur as this is significant to the extent it allows us to implement our stated objectives, including but not limited to the delisting of Lemur from the ASX. In addition it also enables us to draw down on the facility provided by Darwin as further detailed in our announcement of 28 May 2015."
Contact
For further information on Bushveld please visit http://www.bushveldminerals.com or contact:
Bushveld Minerals Fortune Mojapelo | +27 (0) 11 268 6555 |
Strand Hanson Limited Andrew Emmott / James Harris Warren Pearce / Scott McGregor |
+44 (0) 20 7409 3494 +27 (0) 87 828 0407 |
Tavistock Jos Simson/ Nuala Gallagher | +44 (0) 20 7920 3150 |
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Notes to the editor
Bushveld Minerals Limited is a mineral development company with a portfolio of vanadium-and titanium bearing iron ore and tin assets in Southern Africa.
The Company owns the Bushveld Vanadium Project, Bushveld Iron Ore Project and Mokopane Tin Project, located on the northern limb of the Bushveld Complex, South Africa. In addition, Bushveld has a controlling interest in Lemur Resources (ASX: LMR), that owns the Imaloto coal project in Madagascar.
Bushveld was admitted to the AIM of the London Stock Exchange in March 2012.