MDM Engineering Group Ltd Merger approval from SA Competition Commission (4377S)
September 24 2014 - 2:01AM
UK Regulatory
TIDMMDM
RNS Number : 4377S
MDM Engineering Group Ltd
24 September 2014
24 September 2014
MDM ENGINEERING GROUP LIMITED
("MDM" or the "Company")
MDM and Foster Wheeler receive merger approval from South
African Competition Commission
MDM Engineering Group Limited (AIM: MDM), the minerals process
and project management company focused on the mining industry in
Africa, is pleased to announce that approval for the proposed
merger with Foster Wheeler AG (Nasdaq: FWLT) ("Foster Wheeler") has
been received from the South African Competition Commission.
The Merger remains subject to the satisfaction of a number of
conditions precedent, as defined in the Merger Implementation
Agreement. The outstanding conditions precedent are
responsibilities of both MDM and Foster Wheeler and do not require
third party approval or consent. The conditions precedent which MDM
must satisfy are: (1) no prescribed event or material adverse
change occuring (each as defined in the Merger Implementation
Agreement), and (2) confirmation of the working capital position of
the group, including its cash position, being above certain minimum
agreed levels.
As outlined in the announcement on 13 March 2014, immediately
following the implementation of the Merger, the admission to
trading on the AIM Market of the London Stock Exchange of MDM's
ordinary shares will be cancelled. A further announcement will be
made in due course which shall include the intended date of the
cancellation.
Enquiries:
MDM Engineering Group Limited
Martin Smith (CEO)
George Bennett (Executive Director)
Tel: +27 (0) 11 993 4300
Canaccord Genuity Limited
NOMAD and Broker
Neil Elliot
Chris Fincken
Tel: +44 (0)20 7523 8000
Tavistock Communications
Financial Public Relations and Investor
Emily Fenton
Jos Simson
Tel: +44 (0)20 7920 3150
KEY INFORMATION:
MDM:
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.
www.mdm-engineering.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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