Photo by: reuters
The Palabora Mining Company (PMC) has confirmed in a statement that the closing date of the acquisition offer by a group of companies led by Rio Tinto South Africa (RTSA) would not be extended, reminding shareholders that the offer would only remain open until December 13.
By accepting the share purchase offer by the consortium, comprising South African and Chinese entities the Industrial Development Corporation, RTSA, Hebei Iron & Steel, Tewoo, General Nice and the China-Africa Development Fund, holders would receive R115.95 a share within six business days of acceptance.
RTSA currently held 96.9% of the copper producer’s share capital after having received acceptances from the holders of 10.9-million shares, equating to 88.4% of the offer shares.
“In the event that RTSA receives acceptances for the additional 197 314 shares, it will have acquired 90% of the offer shares and will invoke the provisions of the Companies Act to require the remaining holders to dispose of their shares,” PMC said on Friday.