Vatukoula Gold Mines PLC Update on Investment Agreement (3779P)
01 Oktober 2013 - 10:25AM
UK Regulatory
TIDMVGM
RNS Number : 3779P
Vatukoula Gold Mines PLC
01 October 2013
1 October 2013
Vatukoula Gold Mines plc
("Vatukoula" or "the Company")
Update on Investment Agreement
Vatukoula Gold Mines plc, the AIM listed gold producer focused
on Fiji, provides an update on the investment agreement with
Zhongrun International Mining Co. Ltd ("Zhongrun") to provide US$
40 million of funding to implement the capital investment plan at
the Vatukoula Gold Mine.
The Company has been informed by Zhongrun that it has received
preliminary approval of the transfer of funds by the State
Administration of Foreign Exchange ("SAFE") of the People's
Republic of China
As of 30 September 2013, as a consequence of changes to the City
Code on Takeovers and Mergers (the "Code"), the Company is now
subject to the Code. The Company was not previously subject to the
Code as it had previously been able to rely on an exemption that,
as its place of central management and control was outside of the
UK, the Code did not apply. However following the amendment to the
Code, for a UK incorporated company with its shares admitted to
Aim, this exemption no longer applies in regard of central
management and control.
As the investment agreement had not completed by the 30
September 2013 and on completion Zhongrun will hold approximately
66% of the voting rights of the Company, completion will be subject
to a waiver of the obligation for Zhongrun, under Rule 9 of the
Code, to make an offer for all the ordinary shares of the Company
not owned by Zhongrun.
Pending final approval and the requirement for the Company to
seek a waiver under Rule 9 of the code, the Company is in
discussions with Zhongrun to finalise the timing of the funding
which is now expected by the end of October.
A further communication will be made in due course.
-Ends-
Enquiries:
Vatukoula Gold Mines plc
+ 44 (0)20 7440
David Paxton 0643
Kiran Morzaria
W.H. Ireland Limited Bell Pottinger Pelham
James Joyce + 44 (0)20 7220 + 44 (0)20 7861
James Bavister 1666 Marcin Zydowicz 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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