• The power of perseverance

    True grit is a reliable predictor of who will achieve success in life, says Ian Mann.

  • It's the system

    The system sucks and it’s being used far too often as an excuse, says Mandi Smallhorne.

  • Web of dependency

    Zupta defenders are playing cat and mouse with ratings agencies, says Solly Moeng.

All data is delayed
Loading...
See More

Optimum: Offer not less than R38 per share

Sep 09 2011 17:13
I-Net Bridge
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In addition, Optimum said that an alternative party referred to in the announcement of September 1 had withdrawn its interest in acquiring a controlling interest in Optimum.

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE DEBT ISSUE

Debt is one of the biggest financial issues facing South Africans today. Find out how you can avoid and manage your debt with Fin24 and Debt Rescue.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Would you take out a payday loan?

Previous results · Suggest a vote

Loading...