Mining Weekly
20 October 2010
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BISICHI MINING - Statement re sale of 37.5% share of Black Wattle 20 October 2010
20 October 2010
Vunani Mining (Pty) Limited purchases 37.5% shareholding of Black Wattle Colliery (Pty) Limited
Bisichi Mining PLC ("Bisic...
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20 October 2010
Vunani Mining (Pty) Limited purchases 37.5% shareholding of Black Wattle Colliery (Pty) Limited
Bisichi Mining PLC ("Bisichi"), the UK mining company with direct coal mining operations in South Africa, is pleased to announce that Vunani Mining (Pty) Limited ("Vunani Mining"), has concluded the purchase of a 37.5% shareholding in Black Wattle Colliery (Pty) Limited ("Black Wattle"), Bisichi's operation in
Middelburg, South Africa.
The transaction has been entered into via a share subscription and shareholders agreement, the details of which are as follows:
* Black Wattle's total issued share capital has been increased from 136 shares to 1000 shares at par of SA Rand 1 through the following shares issue:
+ a subscription for 489 ordinary shares by Bisichi at par increasing Bisichi's shareholding from 136 ordinary shares to a total of 675 ordinary shares;
+ a subscription for 110 ordinary shares by Vunani at par;
+ a subscription for 265 "A" shares by Vunani at par
* The "A" shares will rank pari passu with the ordinary shares save that they will have no dividend rights until such time as the dividends paid by Black Wattle on the ordinary shares subsequent to 30 October 2008 will equate to SA Rand 832,075,000
Commenting on the transaction, Ethan Dube, Chief Executive Officer of Vunani, said:
"We are very excited about this coal mining investment. It provides a platform from which to build both organically and by acquisition our interests in the coal mining sector. Black Wattle is a leading independent opencast colliery in South Africa with access to both the export and domestic markets."
Announcing the acquisition of the minority stake, Andrew Heller, Managing Director, Bisichi Mining PLC said:
"Vunani is a leading, publicly-listed, black-owned and managed company and we are very pleased that they have joined us as a partner in Black Wattle. We are proud of our longstanding commitment to Black Economic Empowerment in South Africa and we see this transaction with Vunani as the first of many we will do together in South Africa."
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