Photo by: Reuters
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.