Thungela Resources Limited Ensham acquisition completion (5479K)
29 Agosto 2023 - 1:00AM
UK Regulatory
TIDMTGA
RNS Number : 5479K
Thungela Resources Limited
29 August 2023
THUNGELA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2021/303811/06
JSE Share Code: TGA
LSE Share Code: TGA
ISIN: ZAE000296554
Tax number: 9111917259
('Thungela' or the 'Company' and, together with its affiliates,
the 'Group')
THUNGELA ANNOUNCES COMPLETION OF TRANSACTION TO ACQUIRE
CONTROLLING SHAREHOLDING IN THE ENSHAM COAL MINE
Earlier this year Thungela announced that it will acquire a
majority shareholding interest in Sungela Holdings, which in turn
will acquire an 85% interest in the Ensham Business.
Thungela is pleased to announce that all conditions precedent
relating to the acquisition have now been fulfilled and that the
Transaction has become unconditional. The effective date of
completion will be 31 August 2023, and Thungela will assume
operational control of the Ensham Business from 1 September
2023.
The acquisition of the Ensham Business is a significant step in
Thungela's strategy to pursue geographic diversification. The
transaction will also allow the Group to leverage its core
capabilities in a commodity and mining method which it understands
well, while providing access to new markets and to the Newcastle
export coal price.
Based on Ensham's performance up to completion, the mine is
expected to produce approximately 2.7Mt of export saleable
production (on a 100% basis, at an average quality of 5,850
kcal/kg) in 2023, at an FOB cost of between USD110 and USD120 per
tonne.
The terms of the Transaction remain unchanged, save for the fact
that the Co-investors are required to apply not less than 90%
(previously 70%) of all distributions received from Sungela
Holdings to service the Co-investors Mezzanine Loans and that the
term of the Loans is revised to 18 months (previously 4 years).
The Transaction was structured to enable Sungela to benefit from
the economics of the Ensham Business (subject to certain limits)
during the period between 1 January 2023 and the date of
completion. The determination of the economic benefit will be
finalised over a period of up to three months following completion.
The Transaction is also subject to customary working capital
adjustments upon completion.
Thungela CEO, July Ndlovu, commented on the Transaction: "We are
delighted to welcome our colleagues from Ensham into the Thungela
family as they continue to build on a proud history of safe
production in the Bowen Basin region of Queensland. We look forward
to learning from them and also to sharing our knowledge.
"Thungela is proud to have concluded a landmark transaction with
Idemitsu, a responsible and reputable owner with well-established
processes and systems. The transaction delivers on our purpose to
responsibly create value together for a shared future, and we will
continue to support existing regional communities while also
delivering superior returns for the Group's shareholders."
Capitalised terms used in this announcement shall bear the same
meanings as those defined in the SENS and RNS announcements dated 3
February 2023.
Rosebank
29 August 2023
Disclaimer
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the market abuse regulation (EU) no. 596/2014 as amended by the
market abuse (amendment) (UK mar) regulations 2019. Upon the
publication of this announcement via the regulatory information
service, this inside information is now considered to be in the
public domain.
Investor Relations
Ryan Africa
Email: ryan.africa@thungela.com
Media Contacts
Tarryn Genis
Email: tarryn.genis@thungela.com
UK Financial adviser and corporate broker
Liberum Capital Limited
Tel: +44 20 3100 2000
Sponsor
Rand Merchant Bank
(A division of FirstRand Bank Limited)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQKZGZRLRZGFZM
(END) Dow Jones Newswires
August 29, 2023 02:00 ET (06:00 GMT)
Thungela Resources (LSE:TGA)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Thungela Resources (LSE:TGA)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024