Approval by Sallies Shareholders of Bid Offer (9929S)
November 29 2011 - 9:35AM
UK Regulatory
TIDMFLOR
RNS Number : 9929S
Fluormin PLC
29 November 2011
29 November 2011
Fluormin Plc
("Fluormin" and the "Company")
Approval by Sallies Shareholders of Bid Offer
Scheme Meeting Results
LONDON, UK - Fluormin Plc (AIM: FLOR) announces that, at a
general meeting of Sallies Limited ("Sallies") held today at 11:30
am (Johannesburg time) to consider the offer by the Company to
acquire those Sallies' ordinary shares not currently held by the
Company, the requisite majority of shareholders approved the
ordinary and special resolutions proposed at the meeting.
Accordingly, Fluormin has succeeded in its bid to acquire 100 per
cent of the ordinary share capital of Sallies with effect from the
operative date of the scheme, which is expected to be 19 December
2011.
The Company also advises that, at a general meeting of Sallies'
debenture holders held today, the debenture holders elected not to
accept the Company's offer for the return of their capital.
Pursuant to applicable regulatory rules, the Company is now obliged
to make a mandatory bid for the debentures it does not currently
hold, which will be open for acceptance from 30 November 2011 until
20 January 2012. The offer consideration will remain 0.0646
Fluormin ordinary shares for every one Sallies' debenture held or a
cash consideration of 50 rand cents for every one Sallies'
debenture held.Should any of the debenture holders not accept the
offer for the return of their capital, their debentures will be
retired in the ordinary course on 31 December 2012.
Al Gourley, Co-CEO of the Company, commented: "We are very
pleased to have successfully completed the regulatory process in
respect of our bid to acquire ownership of Sallies. This is one
step forward in our goal of building a substantial fluorspar
producer and consolidating our position within the industry."
Full details of the resolutions put to Sallies securityholders
is available in the relevant Sallies circular posted on the
Company's website - www.fluormin.com.
About Fluormin Plc
Fluormin is a producer of acid grade fluorspar, an industrial
mineral widely used in the chemical and aluminium industries for
the making of products such as HFCs (Hydrofluorocarbons used as
refrigerant gases like Freon (TM)) and aluminium fluoride.
For further information please visit www.fluormin.com.
Contact Information
Fluormin plc
Al Gourley, Joint CEO (44)020-7556-0940, agourley@fluormin.com
Mark Bolton, Joint CEO (44)020-7556-0940, mbolton@fluormin.com
Westhouse Securities
Martin Davison (44)020 7601 6100
Tim Feather (44)020 7601 6100
Tavistock Communications
Lydia Eades (44)020 7920 3150, leades@tavistock.co.uk
Jos Simson (44)020 7920 3150, jsimson@tavistock.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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