Bushveld Minerals Limited (LON:BMN), a diversified mineral development company with a portfolio of vanadium, tin and coal assets in Southern Africa, announces an update to the demerger timetable following the announcement on 23 October 2017. As described in the Company’s circular to shareholders dated 02 October 2017 (the “Circular”), the demerger constitutes a sub-division of ordinary shares in the Company into ordinary shares and redeemable shares representing 85% of the deemed value of Greenhills Resources Limited (“Greenhills”), with the redeemable shares being redeemed for such deemed value in return for the Company transferring 85% of Greenhills to AfriTin Mining Limited (“AfriTin Mining”), and AfriTin Mining issuing Bushveld Shareholders with new AfriTin Shares. The remaining 15% is retained by the Company and which on admission to AIM (“Admission”) of AfriTin Mining is be exchanged for AfriTin Mining shares.
Bushveld Minerals shareholders should note that, for each ordinary share held in Bushveld Minerals, Bushveld Minerals shareholders will be issued approximately 0.0899 of a AfriTin Mining share (rather than 1 AfriTin Mining Share as envisaged in the Circular). This change has been made to avoid AfriTin having too large a number of shares in issue and thus ensure that the number of issued AfriTin Mining shares and their pricing are in line with market practice and expectation. Nevertheless such new AfriTin Mining shares will be issued to Bushveld Minerals Shareholders in the same proportion (as near as practicable) in which the Bushveld Minerals Ordinary Shares are held by them at the record time for the Demerger. Bushveld Minerals shareholders will therefore hold the same interest in AfriTin Mining as they do in Bushveld Minerals, prior to any further share issuances that will occur upon Admission of Afritin Mining (such as the proposed placing of new AfriTin Mining shares).
The proposed issue of new AfriTin Mining Share is as per the timetable below:
· Redemption Date: 9 November 2017
· Demerger Record Date: 8 November 2017
· Payment Date: 9 November 2017
After the issue of new equity in AfriTin Mining it is anticipated that, on admission to AIM, Bushveld Minerals and the Bushveld shareholders will hold a combined interest of 41.9% in AfriTin Mining.
Bushveld Minerals Limited will provide further updates as appropriate.
