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Offer Update

12 Mar 2024 07:19

RNS Number : 4889G
MC Mining Limited
12 March 2024
 

ANNOUNCEMENT 12 March 2024

 

NON-BINDING AND INDICATIVE PROPOSAL FROM VULCAN RESOURCES WILL NOT PROCEED

MC Mining Limited (MCM or the Company) refers to its announcement dated 8 March 2024 regarding a non-binding indicative proposal from Vulcan Resources, a private Indian company and subsidiary of Vulcan International (Vulcan).

The Company advises that on Tuesday, 12 March 2024, the Company received correspondence from Vulcan advising that Vulcan has concluded that it would not be proceeding with a formal offer.

Vulcan's intention not to proceed does not alter the Independent Board Committee's current recommendation to Shareholders NOT TO ACCEPT the Goldway Capital Investment Limited Offer. 

As announced on 4 March 2024, the Independent Board Committee reminds Shareholders that a Supplementary Target's Statement accompanied by an independent expert report will be lodged by the Company on 18 March 2024.

Khomotso Mosehla

Chairman of the IBC

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

 

This announcement has been approved for release by the Company's Disclosure Committee.

 

 

For more information contact:

 

 

Tony Bevan

Company Secretary

Endeavour Corporate Services

+61 42 1072 165

 

Company advisers:

 

Richard Johnson / Rob Patrick

Nominated Adviser

Strand Hanson Limited

+44 20 7409 3494

 

Rory Scott

Broker (AIM)

Tennyson Securities

+44 20 7186 9031

 

Marion Brower

Financial PR (South Africa)

R&A Strategic Communications

+27 11 880 3924

 

BSM Sponsors Proprietary Limited is the nominated JSE Sponsor

 

About MC Mining Limited:

MC Mining is an AIM/ASX/JSE-listed coal exploration, development and mining company operating in South Africa. MC Mining's key projects include the Uitkomst Colliery (metallurgical and thermal coal), Makhado Project (hard coking coal), Vele Colliery (semi-soft coking and thermal coal), and the Greater Soutpansberg Projects (coking and thermal coal).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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