Natasa Mining Limited Proposed cancellation of admission to AIM (1304G)
February 27 2015 - 10:08AM
UK Regulatory
TIDMNSN
RNS Number : 1304G
Natasa Mining Limited
27 February 2015
Natasa Mining Ltd
("Natasa" or the "Company")
Proposed cancellation of the admission of the Company's shares
to trading on AIM
Natasa, the mining investment company, announces that, following
discussions with its major shareholders, the Company is intending
to put to shareholders proposals to cancel the admission of its
ordinary shares to trading on AIM ("De-listing").
Given that general market conditions for the mining sector, on
which the Company's investment strategy is focussed, have for a
number of years been, and are expected for the foreseeable future
to continue to be, difficult, the Company remains in an effectively
dormant stage with regard to the making of new investments and,
accordingly, does not anticipate having any requirement to raise
new funds from the market in the immediate future.
The Directors believe that Natasa will be able to pursue its
investment strategy as a private company and consider that the
benefits of a listing on AIM are out-weighed by the costs incurred
in maintaining such a listing. Accordingly, the Directors believe
the De-listing to be in the best interests of the Company's
shareholders as a whole. Particular consideration has been given by
the Board to the very low liquidity in the Company's shares which
have been trading at a substantial discount to net asset value for
some time.
In order to give shareholders the opportunity to realise their
investment in the Company in full should they wish to do so, given
that the De-listing is likely to substantially reduce shareholders'
ability to deal in the Company's shares, the Company currently
proposes to make a tender offer to all qualifying shareholders at
30p per share, or an equivalent amount in other selected currencies
("Tender Offer"), in conjunction with the De-listing. The Tender
Offer will be funded, either through the liquidation of sufficient
of the Company's listed investments or the borrowing against its
listed investments to repurchase such tendered shares into
treasury.
The Company's major shareholders, who between them hold 63.9 per
cent. of the Company's issued shares, have indicated that they
intend to remain shareholders in the Company post the De-listing.
The Company has received indications from each of these
shareholders that they intend to vote in favour of the De-listing
and that they do not intend to tender for sale any proportion of
their shareholdings.
Following the De-listing, it is not intended that there will be
any market facility for dealing in the ordinary shares and no price
will be publicly quoted for the ordinary shares, nor will the
Company be required to announce material events or financial
results. In addition, it is intended that the Depositary Interest
and CREST facility will be cancelled following completion of the
Tender Offer which will significantly impact shareholders' ability
to trade in the Company's ordinary shares. The Company will
endeavour to facilitate trading in the ordinary shares among any
remaining Shareholders in due course, but cannot make any
assurances that a purchaser will be available or as to the price
which may be agreed.
The Company is seeking to effect the De-listing by 2 April 2015
and, therefore, a circular to shareholders convening an
extraordinary general meeting of the Company at which the
De-listing will be proposed and giving details of the Tender Offer,
will be despatched shortly.
In addition, the Directors currently have authority to purchase
up to 2,924,195 ordinary shares in the Company to hold in treasury
or cancel as the Directors determine. The Directors intend to
immediately commence making purchases of ordinary shares pursuant
to this authority. This will be effected by Optiva Securities Ltd,
the Company's broker in the transaction, standing in the market to
acquire ordinary shares in the Company at a price of up to 30 pence
each, until such time as the authority is fully utilised or the
De-listing occurs. Interested shareholders should contact their
stockbroker or financial adviser to effect the on-market sale of
their shares.
- Ends -
Enquiries:
Natasa Mining Ltd
Chrisilios Kyriakou, Chairman
+44(0) 20 7290 3102
Strand Hanson Limited
Angela Hallett / James Spinney
+44 (0) 20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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