Hochschild Mining PLC Update on Offer to Acquire Andina Minerals (5253U)
December 31 2012 - 2:00AM
UK Regulatory
TIDMHOC
RNS Number : 5253U
Hochschild Mining PLC
31 December 2012
31 December 2012
Hochschild Achieves Minimum Tender Condition and Extends
Offer
in Connection With Its Offer to Acquire Andina Minerals
Hochschild Mining plc (LSE: HOCM.L / HOC LN) ("Hochschild") is
pleased to announce that its wholly owned subsidiary, 1710503
Alberta Ltd. (the "Offeror") has, pursuant to its November 16, 2012
offer (the "Offer") to acquire all of the outstanding common shares
("Shares") of Andina Minerals Inc. ("Andina") for CAD $0.80 per
Share in cash, received to date tenders of 112,124,252 Shares,
representing approximately 81.4% of the outstanding Shares on a
fully-diluted basis. As all of the conditions to the Offer have
been satisfied, the Offeror has taken up, and will within the time
prescribed by applicable law, pay for all of the Shares validly
deposited pursuant to the Offer and not withdrawn prior to 5:00
p.m. (Toronto time) on December 28, 2012. Andina shareholders who
deposited their Shares to the Offer will receive payment for such
shares within three business days of the date hereof. The deposited
Shares are the only Shares owned by Hochschild or its affiliates.
As soon as possible, the Offeror intends to reconstitute the board
of directors of Andina and, if practicable, to cause the Shares to
be de-listed from the TSX Venture Exchange and Andina to cease
being a reporting issuer under applicable securities laws.
The Offeror also announces that it has extended the expiry date
of the Offer to 5:00 p.m. (Toronto time) on January 11, 2013,
pursuant to a Notice of Extension dated December 28, 2012, in order
to allow shareholders of Andina a further opportunity to deposit
their Shares pursuant to the Offer. Hochschild intends to acquire
all of the outstanding Shares pursuant to the Offer. If the Offeror
does not acquire all of the outstanding Shares pursuant to the
Offer, Hochschild currently intends to exercise its statutory right
to acquire, to the extent permitted, all of the Shares not
deposited under the Offer or, if such statutory right of
acquisition is not available, Hochschild currently intends to cause
a meeting of shareholders to be called for the purpose of enabling
the Offeror or an affiliate of the Offeror to acquire all of the
Shares not deposited under the Offer.
The Offeror expects to mail a formal notice of extension to
Andina shareholders as soon as practicable. The notice of extension
will also be available for review under Andina's profile on SEDAR
at www.sedar.com. Andina shareholders are advised to review the
notice of extension and any other relevant documents filed with
securities regulatory authorities by the Offeror because they will
contain important information, including full details of the Offer,
as extended, and its terms and conditions.
Hochschild's address is 46 Albemarle Street, London, United
Kingdom, W1S 4JL. A copy of the early warning report to be filed by
Hochschild and the Offeror will be available shortly under Andina's
profile on SEDAR at www.sedar.com and can be obtained by contacting
the Hochschild representative listed below.
______________________________________________________________________
Enquiries:
Hochschild Mining plc
Charles Gordon +44 (0)20 7907 2934
Head of Investor Relations
RLM Finsbury
Charles Chichester +44 (0)20 7251 3801
Public Relations
______________________________________________________________________
About Hochschild Mining plc
Hochschild Mining plc is a leading precious metals company
listed on the London Stock Exchange (HOCM.L / HOC LN) with a
primary focus on the exploration, mining, processing and sale of
silver and gold. Hochschild has almost fifty years' experience in
the mining of precious metal epithermal vein deposits and currently
operates four underground epithermal vein mines, three located in
southern Peru and one in southern Argentina. Hochschild also has
numerous long-term projects throughout the Americas.
Forward looking Statements
This announcement contains certain forward looking statements
which may relate to matters such as the business, strategy,
investments, production, major projects and their contribution to
expected production and other plans of Hochschild Mining plc and
its current goals, assumptions and expectations relating to its
future financial condition, performance and results.
Forward-looking statements include, without limitation,
statements typically containing words such as "intends", "expects",
"anticipates", "targets", "plans", "estimates" and words of similar
import. By their nature, forward looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that will or may occur in the future. Actual results,
performance or achievements of Hochschild Mining plc may be
materially different from any future results, performance or
achievements expressed or implied by such forward looking
statements. Factors that could cause or contribute to differences
between the actual results, performance or achievements of
Hochschild Mining plc and current expectations include, but are not
limited to, legislative, fiscal and regulatory developments,
competitive conditions, technological developments, exchange rate
fluctuations and general economic conditions. Past performance is
no guide to future performance and persons needing advice should
consult an independent financial adviser.
The forward looking statements reflect knowledge and information
available at the date of preparation of this announcement. Except
as required by the Listing Rules and applicable law, Hochschild
Mining plc does not undertake any obligation to update or change
any forward looking statements to reflect events occurring after
the date of this announcement. Nothing in this announcement should
be construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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