REG - MC Mining Limited - REVISED NON-BINDING AND INDICATIVE PROPOSAL

MC MiningAnnouncement

18/12/2023 15:15

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RNS Number : 1923X  MC Mining Limited  18 December 2023

ANNOUNCEMENT
18 December 2023

 

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

 

MC Mining Limited (MC Mining or the Company) refers to the announcement made
by the Company on 2 November 2023 (AIM and JSE; 3 November 2023 on the ASX)
and the revised non-binding and indicative off-market takeover offer to
acquire all of the MC Mining shares that it currently does not own for a cash
price of A$0.16 per share, lodged on the ASX earlier today, which is available
at
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02755259-6A1186937
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02755259-6A1186937)
.

The Independent Board Committee (IBC) recommends that shareholders TAKE NO
ACTION in relation to the revised non-binding and indicative off-market
takeover offer from Senosi Group Investment Holdings Proprietary Limited and
Dendocept Proprietary Limited, made on behalf of shareholders and associates
stated to represent, in aggregate, 64.3%(1) of the issued capital in the
Company (together, the Consortium).

The IBC will consider the revised offer and the Bidder's Statement (when
received) and provide a recommendation to MC Mining shareholders in due
course. The IBC's recommendation will be outlined in a Target's Statement
provided to the Company's shareholders at the appropriate time. Until then,
there is no need for shareholders to take any action.

The IBC will evaluate the terms of the proposed takeover, including taking
advice from its financial and Australian and South African legal advisors. MC
Mining has engaged Adelaide Equity Advisors as its Financial Advisor, K&L
Gates as its Australian Legal Advisor and each of Webber Wentzel and Falcon
& Hume for South African Legal Advisors in relation to the 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 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).

 

 

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

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