MC Mining Limited REVISED NON-BINDING AND INDICATIVE PROPOSAL (1923X)
December 18 2023 - 10:02AM
UK Regulatory
TIDMMCM
RNS Number : 1923X
MC Mining Limited
18 December 2023
ANNOUNCEMENT 18 December 2023
RECEIPT OF REVISED NON-BINDING AND INDICATIVE PROPOSAL - TAKE NO
ACTION
MC Mining Limited (MC Mining or the Company) refers to the
announcement made by the Company on 2 November 2023 (AIM and JSE; 3
November 2023 on the ASX) and the revised non-binding and
indicative off-market takeover offer to acquire all of the MC
Mining shares that it currently does not own for a cash price of
A$0.16 per share, lodged on the ASX earlier today, which is
available at
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02755259-6A1186937
.
The Independent Board Committee (IBC) recommends that
shareholders TAKE NO ACTION in relation to the revised non-binding
and indicative off-market takeover offer from Senosi Group
Investment Holdings Proprietary Limited and Dendocept Proprietary
Limited, made on behalf of shareholders and associates stated to
represent, in aggregate, 64.3%(1) of the issued capital in the
Company (together, the Consortium).
The IBC will consider the revised offer and the Bidder's
Statement (when received) and provide a recommendation to MC Mining
shareholders in due course. The IBC's recommendation will be
outlined in a Target's Statement provided to the Company's
shareholders at the appropriate time. Until then, there is no need
for shareholders to take any action.
The IBC will evaluate the terms of the proposed takeover,
including taking advice from its financial and Australian and South
African legal advisors. MC Mining has engaged Adelaide Equity
Advisors as its Financial Advisor, K&L Gates as its Australian
Legal Advisor and each of Webber Wentzel and Falcon & Hume for
South African Legal Advisors in relation to the offer.
Khomotso Mosehla
Chairman of the IBC
This announcement has been approved for release by the Company's
Disclosure Committee.
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.
For more information contact:
Endeavour Corporate
Tony Bevan Company Secretary Services +61 8 9316 9100
Company
advisors:
Richard Johnson
/ Rob Patrick Nominated Adviser Strand Hanson Limited +44 20 7409 3494
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
R&A Strategic
Marion Brower Financial PR (South Africa) 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 (steelmaking and thermal
coal), Makhado Project (steelmaking hard coking coal), Vele
Colliery (steelmaking semi-soft coking and thermal coal), and the
Greater Soutpansberg Projects (steelmaking coking and thermal
coal).
(1) As at the date of this announcement, Senosi Group Investment
Holdings (Pty) Limited holds 23.4% and Dendocept Proprietary
Limited holds 6.9% of the current issued capital of the
Company.
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END
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December 18, 2023 10:02 ET (15:02 GMT)
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