Fluormin
Fluormin, formerly known as Maghreb Minerals Plc, is focused on the development of assets in the fluorspar sector. The Company has a portfolio of fluorspar assets in South Africa, Kenya and Tunisia.
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Fluormin: Sallies shareholders vote in favour of takeover
Fluormin (LON:FLOR) this afternoon took another step closer to completing its acquisition of fluorspar mining firm Sallies.
It revealed that Sallies' shareholders voted in favour of the proposed deal at a general meeting in Johannesburg.
As a result Fluormin has succeeded in its bid to acquire 100 per cent of the ordinary share capital of Sallies. The deal is expected to close and take effect on December 19 2011.
"We are very pleased to have successfully completed the regulatory process in respect of our bid to acquire ownership of Sallies," said co-chief executive Al Gourley.
"This is one step forward in our goal of building a substantial fluorspar producer and consolidating our position within the industry."
Additionally Fluromin reported that debenture holders elected not to accept its offer for the return of their capital.
It is now obliged to make a mandatory bid for the debentures it does not currently hold. This offer will be open for acceptances from 30 November until 20 January 2012.
Fluormin said that the offer will remain 0.0646 ordinary shares for every one Sallies' debenture held, or a cash consideration of 50 rand cents for every one Sallies' debenture.
The company said that the debentures will be retired in the ordinary course on 31 December 2012 should any of the debenture holders not accept the offer.
Other Fluormin news
- RNS Release - Q3 Update
2012-04-26 - Fluormin receives first payment of US$6.5 million for KFC stake sale
2012-04-26 - RNS Release - Director/PDMR Shareholding
2012-04-06 - Fluormin considering options to reduce costs at Witkop fluorspar operation
2012-04-02 - Fluormin sees improvement in South Africa power and water issues
2012-02-23
