REG - MC Mining Limited - Non-Binding and Indicative Proposal Update

MC MiningAnnouncement

22/12/2023 08:45

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RNS Number : 7752X  MC Mining Limited  22 December 2023

ANNOUNCEMENT
22 December 2023

 

 INDICATIVE TIMING OF REVISED NON-BINDING AND INDICATIVE PROPOSAL - TAKE NO
ACTION

 

MC Mining Limited (MC Mining or the Company) refers to the Company's
announcement made on 19 December 2023 regarding the receipt of a revised
non-binding and indicative takeover offer (Takeover Offer) from Senosi Group
Investment Holdings Proprietary Limited (Senosi) and Dendocept Proprietary
Limited (Dendocept).  The Takeover Offer was stated by Senosi and Dendocept
to be made on behalf of shareholders and associates who represent, in
aggregate, 64.3%(1) of the issued capital in the Company (together, the
Consortium). The Takeover Offer was to acquire all of the MC Mining shares
that the Consortium currently does not own at a cash price of A$0.16 per
share. The Consortium indicated that a Bidder's Statement in relation to the
Takeover Offer would be lodged on 21 December 2023.

On 21 December 2023 members of the Independent Board Committee (IBC) received
correspondence from Senosi and Dendocept which communicated that the
Consortium's indicative proposed timetable for its takeover offer
documentation was going to be delayed, such that the Bidder's Statement would
now be expected to be lodged in the first week of January 2024 and mailed to
MC Mining shareholders in the last week of January 2024.

The IBC of MC Mining reiterates its recommendation that MC Mining shareholders
TAKE NO ACTION in relation to the Takeover Offer (which, at this stage,
remains non-binding and indicative only) pending a review of the Bidder's
Statement (when received) and a recommendation from the IBC.

As previously announced, the IBC's recommendation will be outlined in a
Target's Statement to be provided to MC Mining shareholders, following
publication of the Bidder's Statement. Until then, there is no need for MC
Mining shareholders to take any action.

 

Khomotso Mosehla

Chairman of the IBC

This announcement has been approved for release by the Company's Disclosure
Committee.

 

 

 

(1) As at the date of this announcement, Senosi Group Investment Holdings
Proprietary Limited holds 23.4% and Dendocept Proprietary Limited holds 6.9%
of the current issued capital of the Company.

 

 

 For more information contact:
              Tony Bevan                     Company Secretary                   Endeavour Corporate Services          +61 8 9316 9100
              Company advisors:
              Richard Johnson / Rob Patrick  Nominated Adviser                   Strand Hanson Limited                 +44 20 7409 3494

              Rory Scott                     Broker (AIM)                        Tennyson Securities                   +44 20 7186 9031

              Marion Brower                  Financial PR (South Africa)         R&A Strategic Communications          +27 11 880 3924
              BSM Sponsors Proprietary Limited is the nominated JSE Sponsor

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 (steelmaking and thermal coal), Makhado Project (steelmaking
hard coking coal), Vele Colliery (steelmaking semi-soft coking and thermal
coal), and the Greater Soutpansberg Projects (steelmaking coking and thermal
coal).

 

 

 

 

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