https://www.engineeringnews.co.za

Factual inaccuracies in media report, say Optimum Coal business rescuers

Factual inaccuracies in media report, say Optimum Coal business rescuers

Photo by Reuters

2nd February 2016

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Optimum mine and Optimum Coal Holdings’ joint business rescue practitioners (BRPs) Piers Marsden and Peter van den Steen said on Tuesday that there had been “a number of factual inaccuracies” in a recent media report on the ongoing Endulwini Mining offer.

The BRPs said that the report incorrectly stated that a firm and “binding” offer to purchase Optimum mine for R3.17-billion, or $200-million, had been made by Endulwini on August 5.

The BRPs said that while Endulwini chairperson Sipho Dube had made an indicative offer, it was for R1.5-billion and not $200-million. 

Moreover, it was neither firm nor binding, was conditional on funding and due diligence and did not include any commitments regarding an "equity share scheme".

The BRPs did not believe the offer to be credible, nor did they believe that it had any real prospect of implementation.

They reiterated that their duty was to develop a business rescue plan that optimised value for all affected persons and was reasonably capable of implementation.

The said they had considered all viable and credible options available to them and had concluded that the R2.15-billion offer from Gupta-owned Tegeta Resources provided the most compelling value for all stakeholders. 

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.179 0.236s - 156pq - 2rq
Subscribe Now