ANNOUNCEMENT
2 February 2024
OFF-MARKET TAKEOVER BID -
RECEIPT OF BIDDER'S STATEMENT
TAKE NO
ACTION
Further to the previous
announcements regarding a Notice of Intention to make a takeover
offer followed by a Revised Non-Binding and Indicative Proposal, MC
Mining Limited (MC Mining
or the Company) has now
received a copy of a Bidder's Statement, dated 2 February 2024. The
Bidder's Statement relates to an off-market takeover bid by a
consortium of joint-bidders for all of the fully paid ordinary
shares on issue in the Company they do not currently own
(Takeover
Offer).
The joint-bidders include Senosi
Group Investment Holdings Proprietary Limited (Senosi) and Dendocept Proprietary
Limited (Dendocept) and
certain other shareholders and associates who represent, in
aggregate, 64.3%1 of the issued capital in the Company
(together, the Consortium). The Takeover Offer
is made by Goldway Capital Investment Limited (company registration
number 3294426, a Hong Kong incorporated company and associate of
the Consortium joint bidders) and proposes 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 Bidder's Statement has been lodged with the Australian
Securities & Investments Commission and the Australian Stock
Exchange on 2 February 2024.
The established Independent Board
Committee (IBC)
reiterates that shareholders should
TAKE NO
ACTION in respect of the Takeover
Offer and Bidder's Statement until the IBC has had the opportunity
to fully consider the Bidder's Statement. The Company will respond
with a Target Statement that will include an Independent Expert
Report and the IBC's recommendation in
relation to the Takeover Offer under the Bidder's Statement. Until
then, MC Mining shareholders should not take any action.
Should you have any queries
regarding the Takeover Offer and Bidder's Statement, please contact
Tony Bevan, MC Mining's Company Secretary, on
tonyb@westozcorporate.com.au.
A copy of the Bidders Statement can
be viewed on the Company's website at
https://protect-za.mimecast.com/s/6IIrCLgGl5cxBVMcBKQwb?domain=mcmining.co.za.
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.
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:
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Tony Bevan
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Company Secretary
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Endeavour Corporate
Services
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+61 42 1072 165
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Company advisers:
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Richard Johnson / Rob
Patrick
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Nominated Adviser
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Strand Hanson Limited
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+44 20 7409 3494
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Rory Scott
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Broker (AIM)
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Tennyson Securities
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+44 20 7186 9031
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Marion Brower
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Financial PR (South
Africa)
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R&A Strategic
Communications
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+27 11 880 3924
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BSM Sponsors Proprietary Limited is
the nominated JSE Sponsor
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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).