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Optimum: Offer not less than R38 per share

Sep 09 2011 17:13 I-Net Bridge

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Johannesburg - If an offer for Optimum Coal is made by a consortium including commodities trader Glencore and a company owned by SA businessman Cyril Ramaphosa, the price would not be lower than R38 per share.

On Friday, Optimum Coal said that on September 1, it had been announced that a consortium comprising Piruto, a wholly owned subsidiary of Glencore International, and Lexshell 849, a company wholly owned by Ramaphosa, had submitted a letter to the board of directors of Optimum advising of its interest to acquire, directly or indirectly, the majority of the issued ordinary share capital of Optimum for a cash consideration of R34.00 per share.

Following the acquisition of certain additional Optimum shares by a member of the consortium, Optimum had been informed that if the proposed offer was made within a period of six months from September 6, the offer consideration would not be lower than R38.00 per Optimum share.

Glencore said on Thursday in a separate statement that it had upped its stake in Optimum to 25.8% after it had purchased around 2.5 million shares at a price of R37.99 a share - more than the R34 per share so far offered.

In addition, Optimum said that an alternative party referred to in the announcement of September 1 had withdrawn its interest in acquiring a controlling interest in Optimum.
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