COPPERNEWS
22 Dec 2016
Acquisition of MOWANA [link]
COPPERNEWS
21 Dec 2016
Volontary liquidation [link]
COPPERNEWS
24 Nov 2016
Acquisition of Assets of Messina Copper (Botswana) Zci Limited - Proposed Acquisition Of Assets Of Messina Copper (botswana) (pty) Ltd (in Liquidation) Leboam Holdings (pty) LtdRelease Date: 22/11/2016 14
00 Code(s): ZCI [Email this JSE Sens Item to a Friend] [Printer Friendly Version]Proposed Acquisition of Assets of Messina Copper (Botswana) (Pty) Ltd (in liquidation) by Leboam Holdings (Pty) LtdZCI Limited(Bermudian registration number 661:1969(South African registration number 1970/000023/10)JSE share code: ZCI ISIN: BMG9887P1068Euronext share code: BMG9887P1068("ZCI" or "the Company" or “the Group”
PROPOSED ACQUISITION OF ASSETS OF MESSINA COPPER (BOTSWANA) (PTY) LTD (INLIQUIDATION) BY LEBOAM HOLDINGS (PTY) LTDShareholders are referred to the cautionary announcement by ZCI on 2 August 2016, wherein shareholderswere advised that a second meeting of creditors of Messina Copper (Bostwana) (Pty) Ltd (in liquidation)(“Messina” was held on 28 July 2016, where it was resolved that the Messina Liquidator be authorised toaccept an offer in respect of the disposal of the assets of Messina (the “Offer”, subject to agreement to thesuspensive conditions to the Offer being met by 28 October 2016, as well as the approval of the MessinaLiquidators report tabled at the meeting. Shareholders are further referred to the cautionary announcementon 14 November 2016 wherein shareholders were advised that negotiations by the Messina Liquidator withthe preferred bidder were in progress and that the longstop date for the satisfaction of the suspensiveconditions relating to the Offer had been extended by the Master of the High Court until 30 November 2016and it was ZCI’s expectation that the Messina Liquidator would report to Messina’s creditors once the Offerterms had been finalised and suspensive conditions had been met.ZCI wishes to advise shareholders that the Messina Liquidator has received a proposal from the preferredbidder, Leboam Holdings (Pty) Ltd (“Leboam” to acquire the Messina assets. Leboam, the acquiringenterprise, is an entity registered under the Laws of Botswana and is wholly owned by Cradle ArcInvestments (Pty) Ltd (“Cradle Arc”. Cradle Arc is a newly registered entity under the Laws of Botswana,established for the purposes of this transaction. Cradle Arc is, currently, wholly owned by PenMin (Pty) Ltd(“PenMin”, an entity incorporated in accordance with the Laws of South Africa. PenMin is an entity thatoffers mining, infrastructure and construction business solutions. With effect from the acquisition effectivedate, ZCI will become a shareholder in Leboam.The acquisition of the Messina assets by Leboam will be subject to certain suspensive conditions to the Offerbeing satisfied including approval by the Competition Authority of Botswana, in accordance with section56(1) of the Competition Act under which a merger notification will shortly be published.The Company will provide updates to stakeholders as and when further information becomes available.Bermuda22 November 2016Sponsor: Bridge Capital Advisors (Pty) LtdDate: 22/11/2016 0200 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.Email this JSE Sens Item to a Friend.
COPPERNEWS
03 Aug 2016
Re: LIQUIDATION UPDATE [link]
COPPERNEWS
03 Aug 2016
LIQUIDATION Please note that the directors of African Copper Plc have summoned meetings of members and creditors to be held on 31 August 2016 in order to place the company into creditors voluntary liquidation. Notice of this meeting was sent to all members yesterday.
KNEES
07 Jul 2016
Re: More suitors for Mowana Mine we still own shares, and if there is a bidding war we may also get a little in return, with some luck and a fair breeze ,
COPPERNEWS
06 Jul 2016
More suitors for Mowana Mine More suitors for Mowana Mine Up to eight suitors are conducting due diligence into African Copper’s suspended mines, Mowana and Thakadu, with a view to possibly making formal bids, BusinessWeek has established. Mbongeni Mguni Fri 10 Jun 2016, 12:55 pm (GMT +2) African Copper shut Thakadu and Mowana in May and November last year respectively citing end of life and associated costs as well as plummeting prices of copper.In April, liquidators involved in the disposal of the operations said at least three bidders had expressed interest in taking up the mines.PricewaterhouseCoopers managing director, Butler Phiri said about eight bidders were in the running to take over the mine.“We are in the due diligence process at the moment where the potential bidders are accessing data on the mines in respect of geology, the extent of the ore reserves, quality of the plant and others,” he told BusinessWeek. “That will inform their decision to bid for a purchase.”It is understood the bidders include mining companies in Botswana, in the region and internationally. Phiri said the due diligence process for potential bidders would end on June 30, 2016 before matters proceed rapidly to a conclusion.Potential bidders will have to make their formal bids by July 7, ahead of a creditors’ meeting, where formal offers will be tabled for consideration.“My plan is to call a creditors’ meeting by July 28 in which I expect that the liquidation accounts will be laid before the Master (of the High Court) and creditors,” Phiri said.“That’s when I expect that the liquidation process will be substantially ended,” he added.Last year, creditors pushed for Mowana to be placed under liquidation, in order to squeeze out payments from African Copper running into hundreds of millions of pula.Diesel Power Mining Services, which signed a P1.2 billion contract for mining works at Mowana in 2014, led the creditors’ charge, demanding settlement of a P47 million debt.African Copper is also heavily indebted to its major shareholder, ZCI Limited, as well as local banks.At least 500 workers were retrenched after Mowana closed in April, with hundreds more having been axed after Thakadu’s closure.
KNEES
05 Sep 2015
Re: How to trade ACU shares now thanks 4 that coppernews, I am trying to find a box to put in other Co s that have gone on the missing list in the last three years or so, any ideas ?cheers
COPPERNEWS
20 Aug 2015
How to trade ACU shares now go to : [link]
KNEES
09 Jun 2015
Re: The End we dont have much choice, they just de-list and run away with PI s money, and that the 4th one to date, no doubt word is out, frack the investors, another deal under the table and brown envelopes,
Skint Taff
08 Jun 2015
The End I take it?
yaboyya
12 May 2015
Re: ZCI Parent have just read the this morning, it appears we have zero rights when this is delisted, I just hope ZCI have a conquence
KNEES
09 May 2015
Re: ZCI Parent I dare say none of us PI s are in profit, and there no point in selling now, its just hope for the best in these situations, I feel we will screwed long term, it seems to the trend these days to cancel shares, I now hold three.GLA
worzetu
07 May 2015
ZCI Parent It is my understanding that if ZCI buy out the ACU shareholders then they are obliged to pay fair market value.Not looked at these for a long time but the FMV is significantly more than current SP so it is better for them to leave the ACU shareholders alone and bore them into selling.....this way they can mop them up at todays price and not FMV.Anyone who sells now is missing the opportunity .....just let them lie if you can afford to.
yaboyya
07 May 2015
ZCI Does anyone know is ZCI in trouble, if they are all right for the future then we might just get something for our shares, considering we only hold a lot less than £1 M , i would be happy with a valuation of say £1/2 M, this might make it easier for ZCI to hold all the equity in ACU to clear this mess up, it didn't make any financial sense to be listed on any SE because of the extremely small volumes that were being traded, any thoughts anyone ?
