REG - MC Mining Limited - Release of Target Statement

MC MiningAnnouncement

04/03/2024 07:00

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RNS Number : 4266F  MC Mining Limited  04 March 2024

 

ANNOUNCEMENT
                               4 March 2024

 

TARGET'S STATEMENT IN RESPONSE TO THE OFF-MARKET TAKEOVER BID - DO NOT ACCEPT

 

MC Mining Limited (MC Mining or the Company) advises that it has released its
formal Target's Statement in response to the A$0.16 cash per share off-market
takeover bid by Goldway Capital Investment Limited (Goldway) (Takeover Offer).

A copy of the Target's Statement is available on the ASX website,
www.asx.com.au (http://www.asx.com.au) , and on MC Mining's website,
www.mcmining.co.za, as will news of any other developments in relation to the
Takeover Offer.

The Target's Statement sets out the Independent Board Committee's (IBC) formal
response to the Offer, including the recommendation of the IBC that
Shareholders DO NOT ACCEPT the Takeover Offer.

The IBC has also commissioned an Independent Expert's Report which is being
prepared by BDO Corporate Finance (WA) Pty Ltd ACN 124 031 045 (BDO) and SRK
Consulting (Australasia) Pty Ltd ACN 074 271 720 (SRK) as independent
technical specialist.

The Independent Expert's Report has not been finalised by BDO and SRK,
however, once it is received by the Company, the Company will issue a
supplementary target's statement accompanied by the Independent Expert's
Report. This is anticipated to be on or around 18 March 2024.

Shareholders are encouraged to read the Target's Statement, and discuss it
with their legal, financial and professional advisers. If you have any queries
in relation to the Offer, please call the Target Shareholder Line on +61 461
444 038 between 9.00am and 7.00pm (Sydney time) on Business Days (if calling
from within Australia) or between 11am - 1pm (Johannesburg time) or 9am - 11am
(London time). Alternatively, you may contact the Company Secretary by email
on: tonyb@westozcorporate.com.au.

The Offer will remain open until 7:00pm (Sydney time) on 5 April 2024, unless
the Offer is extended or withdrawn by Goldway.

The IBC look forward to your continuing support as we respond to the Takeover
Offer.

Khomotso Mosehla

Chairman of the IBC

 

 

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

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.

 

 

 

 For more information contact:

             Tony Bevan                     Company Secretary                       Endeavour Corporate Services          +61 42 1072 165
             Company advisers:
             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 (metallurgical and thermal coal), Makhado Project (hard
coking coal), Vele Colliery (semi-soft coking and thermal coal), and the
Greater Soutpansberg Projects (coking and thermal coal).

 

 

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