Holding(s) in Company

RNS Number : 2859C

Bushveld Minerals Limited

15 April 2013

 



15 April  2013

For Immediate Release

Bushveld Minerals Ltd

("Bushveld" or the "Company")

Holdings in Company

The Company has been notified by Mineral Wealth International Limited ("MWI") and Obtala Resources Limited ("Obtala") that a "Share Purchase Contract" has been executed between the two groups.

Under the terms of the Share Purchase Contract, Obtala has acquired from MWI 11,949,378 ordinary shares of par value £0.01 each in Obtala ("Obtala Ordinary Shares"). As consideration for this acquisition, Obtala transferred to MWI 30,120,482 ordinary shares of par value in the Company £0.01 each in Bushveld (Bushveld Ordinary Shares").

Holdings

MWI (including those shares held on their behalf by Oak Nominees) has increased its shareholding in the Company by 30,120,482 Bushveld Ordinary Shares from 83,979,450 Bushveld Ordinary Shares (representing 29.57 per cent of the issued share capital) to 114,099,932 Bushveld Ordinary Shares, which represents a holding of 40.18 per cent of the issued share capital of the Company.

Simultaneously, Obtala's shareholding in the Company has decreased by 30,120,482 Bushveld Ordinary Shares from 130,524,660 Bushveld Ordinary Shares, representing 45.96 per cent to 100,404,178 Bushveld Ordinary Shares, which represents 35.36 per cent.

MWI and Takeover Code

The Company is not subject to the Takeover Code although certain provisions of the Takeover Code were incorporated in the Articles.

The Company's Articles provide that where any person is interested, whether as a result of a series of transactions over a period of time or not, in shares which (taken together with shares held or acquired by persons acting in concert with him) represent 30 per cent. or more of the all the shares for the time being in issue, the Directors may serve upon that person (and each person acting in concert with them) a notice requiring him (or them, as appropriate) to make an offer to the holders of every class of share of share capital of the Company (or securities convertible into share capital of the Company) to purchase all such shares for cash,

Following an approach by MWI prior to signing of the Share Purchase Contract the Directors have agreed not to serve MWI with a notice requiring to make such an offer.  The Directors believe that serving this notice would not be in the best interest of shareholders as MWI has been a supportive shareholder of the Company from inception and continues to support the Board in delivering shareholder value to all shareholders.

Enquiries: [e-mail]

Bushveld Minerals Fortune Mojapelo	[phone]
Fox Davies Jonathan Evans / Simon Leathers	[phone]
Tavistock Communications Jos Simson/ Jessica Fontaine	[phone]
Tielle Communications Stéphanie Leclercq	[phone]

- ENDS -

Notes to the editor

Bushveld Minerals Limited is a mineral development company focused on the Bushveld Iron Ore Project and the Mokopane Tin Project, both located on the northern limb of the Bushveld Complex, South Africa.

The Company was admitted to the Alternative Investment Market of the LSE in March 2012.

 

END

 

 

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