ANNOUNCEMENT
4 March 2024
TARGET'S STATEMENT IN
RESPONSE TO THE OFF-MARKET TAKEOVER BID - DO NOT
ACCEPT
MC Mining Limited (MC Mining or the Company) advises that it has released
its formal Target's Statement in response to the A$0.16 cash per
share off-market takeover bid by Goldway Capital Investment Limited
(Goldway) (Takeover Offer).
A copy of the Target's Statement is
available on the ASX website,
www.asx.com.au,
and on MC Mining's website,
www.mcmining.co.za, as will news of any other developments in
relation to the Takeover Offer.
The Target's Statement sets out the
Independent Board Committee's (IBC) formal response to the Offer,
including the recommendation of the IBC that Shareholders DO NOT
ACCEPT the Takeover Offer.
The IBC has also commissioned an
Independent Expert's Report which is being prepared by
BDO Corporate Finance (WA) Pty Ltd ACN 124 031 045
(BDO) and SRK Consulting
(Australasia) Pty Ltd ACN 074 271 720 (SRK) as independent technical
specialist.
The Independent Expert's Report has not been finalised by BDO and
SRK, however, once it is received by the Company,
the Company will issue a
supplementary target's statement accompanied by the Independent
Expert's Report. This is anticipated to be on or around 18 March
2024.
Shareholders are encouraged to read
the Target's Statement, and discuss it with their legal, financial
and professional advisers. If you have any queries in relation to
the Offer, please call the Target Shareholder Line on +61 461 444
038 between 9.00am and 7.00pm (Sydney time) on Business Days (if
calling from within Australia) or between 11am - 1pm (Johannesburg
time) or 9am - 11am (London time). Alternatively, you may contact
the Company Secretary by email on:
tonyb@westozcorporate.com.au.
The Offer will remain open until
7:00pm (Sydney time) on 5 April 2024, unless the Offer is extended
or withdrawn by Goldway.
The IBC look forward to your
continuing support as we respond to the Takeover 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:
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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).