Smart Union Resources to acquire remaining Palabora shares
JOHANNESBURG (miningweekly.com) – JSE-listed copper producer Palabora Mining on Thursday announced that Smart Union Resources South Africa, formerly Rio Tinto South Africa, had invoked provisions of Section 124(1)(a) of the Companies Act to compulsorily acquire all the remaining ordinary shares in the company.
Late last year, a consortium led by Smart Union Resources, which included South African and Chinese entities the Industrial Development Corporation, Hebei Iron & Steel, Tewoo, General Nice and the China-Africa Development Fund, acquired 96.9% of the copper producer’s shares.
At that stage, Palabora shareholders who did not accept the consortium’s offer were advised that if they did not want Smart Union to compulsorily acquire their remaining offer shares, they were entitled to make an application to the High Court of South Africa seeking an order to prevent this.
The last day for the remaining shareholders to make an application to court was April 1, 2014.
It had been confirmed that, as at April 3, no applications had been made to the court and, accordingly, Smart Union was entitled and bound to acquire the remaining offer shares under the same terms and conditions as those of the original offer.
The compulsory acquisition was expected to take place on Friday, Palabora said.
Consequently, Palabora’s listing on the JSE would be terminated on April 15.
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