Lemur interest over 52% and Offer extension

RNS Number : 8403N

Bushveld Minerals Limited

12 September 2013

 



12 September 2013

Bushveld Minerals Limited ("Company" or "Bushveld")

Bushveld increases interest in Lemur to over 52% and automatic extension of offer

Bushveld announces that it is now interested in 100,164,413 ordinary shares of Lemur Resources Limited ("Lemur") representing an interest of 52.03% in Lemur, due to acceptances of the Company's takeover bid. This increase in interest follows the announcement made by the Company on 2 September 2013 indicating an interest of 47.02% in Lemur.

Following the increase in acceptances, the Company will seek application for the new ordinary shares in the Company to be traded on the AIM Market of the London Stock Exchange in due course. An announcement will follow.

Offer Details - Extension

The offer period under the Company's takeover bid for all of the ordinary shares in Lemur Resources Limited, the terms of which are contained in the Replacement Bidder's Statement dated 1 July 2013 ("Offer"), has been automatically extended under section 624(2)(b) of the Corporations Act 2001 (Cth) as a result of achieving greater than 50% acceptances from shareholders of Lemur.

The Offer period is now extended to 7.00pm (Australian EST) on 26 September 2013.

Commenting on these developments, Mr Fortune Mojapelo, Chief Executive Officer of Bushveld said:

"We are delighted to have reached this very significant threshold in the takeover of Lemur. Now that Bushveld has crossed the 51% threshold it is the effective controller of Lemur and underpins our belief that the offer made to all shareholders in Lemur is attractive. We look forward to welcoming further Lemur shareholders to accept the Bushveld offer in the coming weeks. Once the transaction has been completed we look forward to create value for all our shareholders in the Company."

For further information please contact:

Enquiries: [e-mail]

Bushveld Minerals Fortune Mojapelo	[phone]
Fox-Davies Jonathan Evans	[phone]
Tavistock Communications Jos Simson/ Nuala Gallagher	[phone]
Tielle Communications Stéphanie Leclercq	[phone]

 

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