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Johannesbug - Lonmin [JSE:LON] said in a Sens statement that it has noted the statement made on Wednesday by Glencore about its intention of seeking shareholder approval for the divestment of its non-core 23.9% shareholding in Lonmin as a distribution in specie to Glencore shareholders.
Lonmin views Glencore's proposal as a constructive way forward which would enable Glencore shareholders to continue their participation in Lonmin's future.
Glencore inherited its Lonmin shareholding through its acquisition of Xstrata Plc in May 2013. Since September 9 2013 Glencore has had two representatives, Gary Nagle and Paul Smith, on the Lonmin board and Lonmin has benefited from their guidance and input.
The proposal is for the approval of Glencore shareholders at their own annual general meeting on May 7 2015. Lonmin has been advised that when Glencore shareholder approval for the distribution of its Lonmin shareholding has been received, Nagle and Smith will step down from the Lonmin board.
