Lonmin Plc to become the sole shareholder of BVI-based AfriOre
Lonmin Plc, the third largest producer of platinum group metals in the world, has announced on February 19, 2007 that it has become the sole shareholder of AfriOre Limited, an exploration company registered in the British Virgin Islands and operating in Africa. The UK-based Lonmin Plc informed on its intention to acquire AfriOre Limited in November 2006. In December 2006 AfriOre has reported that the proposed acquisition transaction had been approved by the South African Competition Commmission.
On February 9, 2007 AfriOre sent a notice to its shareholders, where the BVI-registered company informed about redeeming all of its issued and outstanding shares that were not held by Lonmin, for an amount equal to C$8.75 per share. On February 19, 2007 the BVI registered AfriOre has sent a further notice to the former shareholders who have had their AfriOre shares redeemed.
AfriOre’s notice also provides further information for former company shareholders seeking to receive the redemption price, which is being held by CIBC Mellon Trust Company as agent for AfriOre.
In connection with the redemption, the shares of Afriore were delisted from the Toronto Stock Exchange. AfriOre has also requested the cancellation of its listing on the Alternative Investment Market of the London Stock Exchange. This decision is to be effective on February 28, 2007.