20th Apr 2010 09:38
20 April 2010
African Barrick Gold plc (the "Company" or "ABG") Status of acquisition of Tusker Gold Limited ("Tusker")
On 20 April 2010 BUK Holdco Limited ("BUK"), a wholly-owned subsidiary of ABG, declared its takeover offer for all of the ordinary shares of the Australian-listed company Tusker free from all conditions. As at the end of 20 April 2010, BUK had received acceptances representing approximately 95.43% of Tusker's ordinary shares. The consideration for the shares tendered into the takeover offer is payable in cash to Tusker shareholders within 21 days of the end of the offer period, which is due to end on 27 April 2010. Tusker will be delisted from the Australian Securities Exchange as a result of the takeover.
BUK is entitled to and will commence the compulsory acquisition process on or around 21 April 2010 to acquire the Tusker shares that were not tendered into the takeover offer (the "Compulsory Acquisition"). BUK expects to complete the Compulsory Acquisition by early June 2010. The total consideration payable by BUK to shareholders to acquire 100% of Tusker is AUS$ 80,000,000/US$ 74,074,074 (based on an assumed exchange rate of US$ 1 to AUS$ 1.08).
Tusker holds a 49% interest in the Nyanzaga joint venture in Tanzania, with the ABG group owning the remaining 51%. Upon completion of the Compulsory Acquisition, ABG's interest in the Nyanzaga joint venture will be increased to 100%.
ENQUIRIES
For further information contact:
African Barrick Gold plcKevin Jennings +44 (0)207 655 5581 Finsbury + 44 (0)20 7251 3801 Andrew MitchellCharles Chichester
This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction.
Information contained in this announcement may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding ABG's or the ABG group's intentions, beliefs or current expectations are forward-looking statements. Such forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this announcement speak only as of the date of this announcement, reflect the ABG group's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the ABG group's operations, results of operations, growth strategy and liquidity. ABG explicitly disclaims any obligation or undertaking publicly to release the result of any revisions to any forward-looking statements in this announcement that may occur due to any change in ABG's expectations or to reflect events or circumstances after the date of this announcement.
vendorRelated Shares:
ACA.L