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

MC MiningAnnouncement

24/01/2024 09:30

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RNS Number : 7730A  MC Mining Limited  24 January 2024

ANNOUNCEMENT
24 January 2024

 

 UPDATE ON TIMING OF REVISED NON-BINDING AND INDICATIVE PROPOSAL -

REITERATE:  TAKE NO ACTION

 

MC Mining Limited (MC Mining or the Company) refers to the Company's previous
announcements regarding the receipt of a revised non-binding and indicative
takeover offer (Takeover Offer) from Senosi Group Investment Holdings
Proprietary Limited and Dendocept Proprietary Limited on behalf of
shareholders who represent, in aggregate, 64.3%(1) of the issued capital in
the Company (together, the Consortium).

As referred to in the Company's announcement made on 22 December 2023, the
Consortium indicated that a Bidder's Statement was expected to be lodged in
the first week of January 2024 and mailed to MC Mining shareholders in the
last week of January 2024.

On 23 January 2024 the Company received correspondence from the Consortium
advising that the Consortium's previous indicative timetable for lodgement of
a Bidder's Statement had been delayed. The Consortium did not provide a
revised timetable but did reconfirm its intention to make a takeover offer.

At this stage, neither the Company nor the Independent Board Committee (IBC)
are able to provide any further guidance on the expected timing of the receipt
of the Bidders Statement.

The IBC 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 full review of the Bidder's
Statement (when received) and a recommendation from the IBC which will be
contained in the Company's Target Statement.

 

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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