The transaction between Afriore and Lonmin approved by the South African Competition Commission
On December 18 Afriore Limited has reported that the South African Competition Commission has approved the proposed acquisition transaction between Lonmin Plc and AfriOre, which was announced in November. The deal was already supported by the board of directors and shareholders of BVI-registered AfriOre, representing 6.4% of AfriOre’s outstanding common shares.
An application for merger approval was made to the Commission in the end of November. The Commission (’SACC’) has approved the proposed transaction without any additional conditions. A Merger Clearance Certificate from the SACC has now been issued to Lonmin and the BVI company. The application and the approval were given in accordance with Chapter 3 of the South African Competition Act.
Mr. Warren Newfield, President and CEO of AfriOre, gave his comments by saying: †We are very pleased to have received unconditional approval by the SACC in regard to the proposed transaction with Lonmin. We commend the SACC for their prompt and efficient handing of the application.â€.
AfriOre Limited is a company domiciled in the British Virgin Islands and focused on exploration of its 74%-owned Akanani Platinum Project, located in South Africa. The company has a successful history of exploration and advancement of projects in Africa.
Lonmin Plc is registered in the UK and listed on both the London and Johannesburg Stock Exchanges, capitalised at approximately US$9 billion. Lonmin is the third largest platinum producer in the world.