REG - MC Mining Limited - Cancellation of Admission to Trading on AIM

MC MiningAnnouncement

20/05/2024 15:30

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RNS Number : 1525P  MC Mining Limited  20 May 2024

ANNOUNCEMENT
                                      20
May 2024

 

CANCELLATION OF ADMISSION TO TRADING ON AIM

 

MC Mining Limited (MC Mining or the Company) notes the announcements by
Goldway Capital Investment Limited (Goldway), pursuant to which Goldway's
off-market takeover offer for all of the ordinary shares in MC Mining
(Ordinary Shares) not already owned by Goldway or its associates (the Offer)
was declared unconditional on 8 April 2024 and closed on 22 April 2024, with
Goldway receiving acceptances representing in excess of 75% of the Ordinary
Shares subject to the Offer. Goldway announced on 23 April 2024 that, together
with acceptances received under the Offer, its relevant interest represented
93.05% of the Company's issued ordinary share capital. The Offer process was
completed on 30 April 2024.

 

Accordingly, pursuant to Rule 41 of the AIM Rules for Companies, the Company
provides notification of the cancellation of the admission to trading on AIM
of MC Mining's Ordinary Shares (the AIM Cancellation).  The AIM Cancellation
is expected to take place at 7:00 a.m. BST on 19 June 2024 and, accordingly,
the final day of trading on AIM of the Ordinary Shares will be 18 June 2024.

 

Goldway announced in certain of its Bidder's Statements that, in the event the
Offer is successfully concluded and it is eligible, it may exercise the
general compulsory acquisition rights over all the Ordinary Shares not owned
by Goldway, or its associates, under the Australian Corporations Act. However,
Goldway has not yet confirmed whether it will proceed with such process. In
addition, Goldway announced its intention to seek the delisting of the
Ordinary Shares from the ASX and JSE, although to date the formal commencement
of this process has not been announced. Consequently, it is currently expected
that following the AIM Cancellation becoming effective, the Ordinary Shares
will continue to be listed and traded on the ASX and JSE.

 

In light of this, there is no current intention for the Company to provide a
matched bargain facility following the AIM Cancellation. However, in the event
that Goldway proceeds with the delisting by MC Mining of the Ordinary Shares
from both the ASX and the JSE, the Company will reassess this position.
Shareholders should note that there is no certainty that Goldway will exercise
any compulsory acquisition rights, if eligible to do so, nor is there any
certainty that a matched bargain facility will be put in place. The liquidity
and marketability of the Ordinary Shares may be significantly reduced
following the AIM Cancellation and should MC Mining's delisting from the ASX
and JSE proceed, the ability of shareholders to trade the Ordinary Shares will
be further restricted.

 

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

 

 For more information contact:
 Bill Pavlovski                 Company Secretary                           Vision Corporate (Pty) Ltd            bill.pavlovski@mcmining.co.za
 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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