RNS Number : 2428W
Vedanta Resources PLC
16 November 2010
16 November 2010
proposed LISTING of kONKOLA RESOURCES
on the London Stock Exchange
Vedanta Resources plc ("Vedanta") today announces its intention to seek admission of the ordinary shares of Konkola Resources plc ("Konkola Resources") to the Official List of the U.K. Financial Services Authority and to trading on the London Stock Exchange plc's main market for listed securities. Konkola Resources will on completion of the initial public offering be the holding company of Konkola Copper Mines plc ("KCM"), an integrated copper miner majority owned by the Vedanta Group. This is further to our interim results announcement on 11 November 2010, at which management stated it was evaluating the possibility of a public listing of KCM. Following the initial public offering, Vedanta will remain a majority shareholder in the newly listed company.
Anil Agarwal, Executive Chairman of Vedanta:
"Since we became involved with KCM in Zambia in 2004, we have seen it deliver a number of landmark projects and substantially increase its copper reserves. This is a testament to the technical skills, dedication and partnership approach of the management team, employees and local communities. With our partners at ZCCM-IH, our existing stakeholders and our new investors we look forward to seeing significant growth in Konkola Resources in the coming years, in what is undoubtedly one of the most attractive commodities and one of the premium destinations for copper production. The transaction is expected to unlock value for Vedanta shareholders with an independent listing and valuation."
Vice President, Investor Relations
Vedanta Resources plc
Tel: +44 20 7659 4732 / +91 22 6646 1531
Tel: +44 20 7251 3801
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
This announcement is an advertisement and not a prospectus and investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in the prospectus to be published by Konkola Resources in due course in connection with the Admission of the ordinary shares to the Official List of the U.K. FSA. Copies of the prospectus will, following publication, be available from the offices of Latham & Watkins (London) LLP at 99 Bishopsgate, London EC2M 3XF..
This press release is directed only at persons (i) who are outside the United Kingdom or (ii) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (iii) who fall within Article 49(2)(a) to (d) of the Order or (iv) to whom this press release may otherwise be directed without contravention of section 21 of the Financial Services and Markets Act 2000 (all such persons together being referred to as "Relevant Persons"). This press release is directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this press release relates is available only to Relevant Persons and will be engaged in only with Relevant Persons.
The ordinary shares have not been and will not be registered under the United States Securities Act of 1933 (the "Securities Act") or any state securities laws and may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the ordinary shares, nor shall there be any sale of the ordinary shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.
This information is provided by RNS
The company news service from the London Stock Exchange