16th Sep 2005 07:00
Lonmin PLC16 September 2005 16 September 2005 Lonmin Plc Lonmin announces intention to buyout Messina minorities Following completion of the acquisition of Southern Platinum Corp. (SouthernPlatinum), on 15 September 2005 Lonmin informed the board of Messina Limited ("Messina") of its firm intention to proceed with a cash offer of Rand 33.00 per share for the outstanding shares in Messina not currently owned by the Lonmin Group. Through its acquisition of Southern Platinum, the Lonmin Group currently owns 91.5% of Messina. The cash offer is conditional only upon the obtaining of the requisite regulatory approvals. This offer is required under the terms of the South African Securities Regulation Panel Code on Takeovers and Mergers and the Rules of the SRP. The offer price of Rand 33.00 per share represents the see through value ofMessina based on the offer price Lonmin paid for 100% of Southern Platinum andis a: • premium of 84% to the closing market value of Messina shares on the Johannesburg Stock Exchange ("JSE") on 18 March 2005, the last trading day before Lonmin announced its offer for Southern Platinum; and • discount of 20% to the closing market value of Messina shares of Rand 41.47 on the JSE on 14 September 2005. The offer price values the total outstanding Messina shares at Rand 56.3 million(US$8.9 million). Messina has appointed an independent sub committee of the board to consider theoffer proposal. A circular setting out full details of the offer will be sent toMessina shareholders shortly. Enquiries: Alex Shorland-Ball +44 20 7201 6060Vice President, Investor Relations & Communications ENDS This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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