MC Mining Limited Non-Binding and Indicative Proposal Update (7752X)
December 22 2023 - 3:32AM
UK Regulatory
TIDMMCM
RNS Number : 7752X
MC Mining Limited
22 December 2023
ANNOUNCEMENT 22 December 2023
INDICATIVE TIMING OF REVISED NON-BINDING AND INDICATIVE PROPOSAL
- TAKE NO ACTION
MC Mining Limited (MC Mining or the Company) refers to the
Company's announcement made on 19 December 2023 regarding the
receipt of a revised non-binding and indicative takeover offer
(Takeover Offer) from Senosi Group Investment Holdings Proprietary
Limited (Senosi) and Dendocept Proprietary Limited (Dendocept). The
Takeover Offer was stated by Senosi and Dendocept to be made on
behalf of shareholders and associates who represent, in aggregate,
64.3%(1) of the issued capital in the Company (together, the
Consortium). The Takeover Offer was to acquire all of the MC Mining
shares that the Consortium currently does not own at a cash price
of A$0.16 per share. The Consortium indicated that a Bidder's
Statement in relation to the Takeover Offer would be lodged on 21
December 2023.
On 21 December 2023 members of the Independent Board Committee
(IBC) received correspondence from Senosi and Dendocept which
communicated that the Consortium's indicative proposed timetable
for its takeover offer documentation was going to be delayed, such
that the Bidder's Statement would now be expected to be lodged in
the first week of January 2024 and mailed to MC Mining shareholders
in the last week of January 2024.
The IBC of MC Mining reiterates its recommendation that MC
Mining shareholders TAKE NO ACTION in relation to the Takeover
Offer (which, at this stage, remains non-binding and indicative
only) pending a review of the Bidder's Statement (when received)
and a recommendation from the IBC.
As previously announced, the IBC's recommendation will be
outlined in a Target's Statement to be provided to MC Mining
shareholders, following publication of the Bidder's Statement .
Until then, there is no need for MC Mining shareholders to take any
action.
Khomotso Mosehla
Chairman of the IBC
This announcement has been approved for release by the Company's
Disclosure Committee.
(1) As at the date of this announcement, Senosi Group Investment
Holdings Proprietary Limited holds 23.4% and Dendocept Proprietary
Limited holds 6.9% of the current issued capital of the
Company.
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).
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END
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