MDM Engineering Group Ltd Update on Recommended Offer from Foster Wheeler (4072E)
April 09 2014 - 2:55AM
UK Regulatory
TIDMMDM
RNS Number : 4072E
MDM Engineering Group Ltd
09 April 2014
9 April 2014
MDM Engineering Group Limited
("MDM Engineering", "MDM" or "the Company")
Update on Recommended Offer from Foster Wheeler
-- Additional Shareholders representing 21.97% of the issued
ordinary shares of MDM have executed agreements under which they
have agreed to vote in favour of the Recommended Offer
-- Shareholders representing 64.37% of the issued ordinary
shares of MDM have now agreed to vote in favour of the Recommended
Offer
MDM Engineering Group Limited (AIM:MDM), the minerals process
and project management company focused on the mining industry,
announces the following update in relation to the recommended
takeover offer from Foster Wheeler AG, as announced on 13 March
2014 (the "Recommended Offer" or the "Merger").
The Board of Directors of MDM is pleased to advise that
subsequent to the announcement made on 13 March 2014 regarding the
Recommended Offer from Foster Wheeler AG that shareholders
representing an additional 21.97% of the issued ordinary shares of
MDM have now executed voting deeds pursuant to which they undertake
to vote in favour of any resolution submitted to MDM shareholders
for their approval in connection with the Merger.
MDM shareholders representing approximately 64.37% of the issued
ordinary shares of MDM have now executed such voting deeds.
As announced on 1 April 2014, the Notice of EGM containing
information relating to the proposed Merger and details of the EGM
is expected to be despatched to MDM shareholders by 15 April 2014,
with the EGM in relation to the Merger expected to be held on or
around 6 May 2014.
The Transaction remains subject to certain conditions precedent
including obtaining MDM shareholder approval of the Merger at EGM,
securing required regulatory approvals (including clearances from
the South African Competition authority and the Tanzanian Fair
Competition Commission) and no material adverse changes or certain
prescribed events (as defined in the MIA) having occurred in
relation to MDM's business.
Subject to the approval of the Merger by MDM shareholders and
timely satisfaction of the conditions precedent, MDM still expects
the Transaction to be completed in late August 2014, as previously
envisaged.
Note: All definitions included within this announcement are as
defined in the announcement of 13 March 2014.
Enquiries:
MDM Engineering Group Limited
Martin Smith (CEO) Tel: +27 11 993 4300
George Bennett (Executive Director)
Canaccord Genuity Limited Tel: +44 (0) 207 523 8000
Neil Elliot/ Chris Fincken
Tavistock Communications Tel: +44 (0) 207 920 3150
Emily Fenton / Jos Simson
KEY INFORMATION:
MDM Engineering Group Limited is a minerals process and project
management company focused on the mining industry. The Company
provides a wide range of services from preliminary and final
feasibility studies, through to plant design, construction and
commissioning. To date, the Company's clients have largely been
junior and mid-tier mining corporations with operations in
Africa.
The MDM Engineering core technical team has a 25 year track
record of completing a wide range of studies and execution projects
across a variety of minerals, including precious metals, base
metals, ferrous and non-ferrous metals, uranium and diamonds.
The Company has adopted an approach to project execution based
on an open-book Engineering, Procurement, and Construction
Management "EPCM" or "cost-plus" basis and on a Engineering,
Procurement and Construct (EPC) basis. With a core focus on Africa,
MDM Engineering is setting the benchmark standard for best practice
in the mining services industry through its commitment to providing
the highest quality services and actively engaging with clients to
ensure maximum transparency.
For more information, please visit www.mdm-engineering.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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