Hochschild Mining PLC Further Update On Andina Bid (4544V)
January 14 2013 - 4:33AM
UK Regulatory
TIDMHOC
RNS Number : 4544V
Hochschild Mining PLC
14 January 2013
_____________________________________________________________________________
14 January 2013
Hochschild Announces Expiry of Successful Bid for 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, since the initial extension of
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 on December 28, 2012,
received as at 5:00pm (Toronto time) on January 11, 2013 tenders of
an additional 5,308,672 Shares. The Offeror has taken up, and will
within the time prescribed by applicable law, pay for all such
additional Shares validly deposited pursuant to the Offer and not
withdrawn prior to 5:00 p.m. (Toronto time) on January 11, 2013.
Shareholders who deposited their Shares to the Offer will receive
payment for such shares as soon as reasonably possible. After
taking up the deposited Shares, Hochschild and its affiliates now
own 117,432,924 Shares, representing 90.84% of the outstanding
Shares on a fully-diluted basis.
As more than 90% of the Shares sought were deposited to the
Offer, the Offeror intends to acquire all of the remaining Shares
of Andina not deposited under the Offer pursuant to the compulsory
acquisition provisions of the Business Corporations Act (Alberta)
which transaction is expected to close in February 2013. As soon as
possible, the Offeror further intends 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.
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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