African Copper Plc

Published : May 26th, 2009

ACU Payment to Bondholders and Natasa

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African Copper PLC

AIM:

ACU

 

 

 

 

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May 26, 2009

ACU Payment to Bondholders and Natasa

LONDON, UNITED KINGDOM--(Marketwire - May 26, 2009) - African Copper PLC ('ACU') (AIM:ACU)(BOTSWANA:AFRICAN COPPER) -

Zambia Copper Investments Limited

(Registered in Bermuda)

(South African registration number 1970/000023/10)

JSE share code: ZCI & ISIN: BMG988431240

Euronext share code: BMG988431240

Zambia Copper Investments Limited ('ZCI') and African Copper Plc ('ACU')

ACU is pleased to announce that, today it unconditionally paid to the account of the trustee of the holders of bonds issued by ACU's wholly owned subsidiary Messina Copper (Botswana) (Proprietary) Limited ("Messina"), BWP 153,091,666.66 (approx. US$20.4 million at an exchange rate of US$1/BWP7.5), being the full principal amount owing under the bonds together with accrued but unpaid interest. The trustee for the bondholders had previously issued a notice calling for the redemption of bonds.

In addition, ACU today paid BWP 15,659,389.64 (approx. US$2.1million) to the account of Natasa Mining Limited's Botswana solicitors being the aggregate amounts, less certain deductions in relation to some disputed claims, owing to Natasa as a result of debts of Messina's trade creditors acquired by Natasa. ACU has also paid Natasa's solicitors US$1.505m being the amount required to repay Natasa's original bridge loan to ACU together with interest.

ACU believes that virtually all of the claims of Natasa against ACU and any of its subsidiaries that were identified in its petition for the provisional liquidation of Messina have now been satisfied in full. With remaining proceeds in hand from the previously announced financing package provided by Zambia Copper Investments Limited ACU considers that it would be inappropriate for any remaining disputes in relation to monies owed by ACU or its subsidiaries to be determined in insolvency proceedings and that the liquidation petition should be dismissed. Small creditors will still be repaid in full in cash from the proceeds of the previously announced financing package as their debts become due.

ACU and ZCI look forward to the completion of all outstanding matters, so that mining operations can recommence, cash can start to flow in following production and sale, and an exciting future for ACU can begin in full.

 
For more information, please contact:
 
ZCI                  John Kleynhans                     +35 24 025 05 427
 
iCapital (Financial 
 Adviser to ZCI)     Jordan Soko/ Ken Muyangwa          +260 211 256 657
 
Canaccord Adams
 Limited (Financial  Robert Finlay/ Mike Jones/
 Adviser to ZCI)      Andrew Chubb                      +44 207 050 6500
 
Bridge Capital 
 Advisors (Pty) 
 Limited
 (Sponsors to ZCI)   Pieter Veldtman/ Zayd Laher        +27 (0) 11 268 6231
 
College Hill 
 (Public Relations
 adviser to ZCI)     Paddy Blewer (UK)                  +44 207 457 2020
 
                     Jacques de Bie (SA)                +27 (0) 11 447 3030
 
African Copper PLC   Chris Fredericks/ Brad Kipp        +27 (11) 467 2360/
                                                        (416) 847 4866
 
Numis Securities     John Harrison (Nominated Advisor)/
 Limited             James  Black (Corporate Broker)    +44 (9) 20 7260 1000

 

About ZCI

ZCI is a Johannesburg Stock Exchange ('JSE') and Euronext (Paris) listed, Bermuda incorporated, mining investment company. ZCI previously owned 65 per cent. (subsequently sold down to 28 per cent. in 2005) of the Konkola Copper Mine ('KCM') in Zambia but sold its residual stake in 2008 and is looking to invest in Africa-based mining companies.

About ACU

ACU is an international exploration and development company incorporated in England and Wales and tri-listed on the AIM market of the London Stock Exchange and the Botswana Stock Exchange. ACU is involved in the exploration and development of copper deposits in Botswana and is currently developing its first copper mine at the Mowana Mine and holds permits in exploration properties at the Matsitama Project. The Mowana Mine is located in the northeastern portion of Botswana and the Matsitama Project is contiguous to the southern boundary of the Mowana Mine.

Canaccord Adams Limited, which is authorised and regulated by the Financial Services Authority (the 'FSA'), is acting exclusively for ZCI and no-one else in relation to the transactions referred to in this announcement (the "Transactions") and will not be responsible to any person other than ZCI under the Financial Services and Markets Act 2000, the rules of the FSA or otherwise for providing the protections afforded to its clients or for any matter concerning the Transactions or for providing advice in relation to the Transactions or in relation to the contents of this announcement or any other transaction, arrangement or matter referred to herein. Canaccord Adams Limited can be contacted at Cardinal Place, 7th Floor, 80 Victoria Street, London SW1E 5JL.

Numis Securities Limited, which is authorised and regulated by the FSA, is acting exclusively for ACU and no-one else in relation to the Transactions and will not be responsible to any person other than ACU under the Financial Services and Markets Act 2000, the rules of the FSA or otherwise for providing the protections afforded to its clients or for any matter concerning the Transactions or for providing advice in relation to the Transactions or in relation to the contents of this announcement or any other transaction, arrangement or matter referred to herein. Numis Securities Limited can be contacted at The London Stock Exchange Building, 10 Paternoster Square London EC4M 7LT.

The release, publication or distribution of this announcement into certain jurisdictions other than the United Kingdom and Canada may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe any such restrictions. Any failure to comply with any such restrictions may constitute a violation of the securities laws or regulations of such jurisdictions.

This press release contains forward-looking information. All statements, other than statements of historical fact, that address activities, events or developments that may occur in the future are forward-looking information. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of ACU to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, ACU. Factors that could affect the Transactions (and ACU's future viability as a going concern) include the failure to defend a petition that has been made by Natasa Mining Limited for the provisional liquidation of Messina Copper (Botswana Proprietary) Limited. All forward-looking information speaks only as of the date hereof and, except as may be required by applicable securities laws, ACU disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although ACU believes that its expectations reflected in the forward-looking information, as well as the assumptions inherent therein, are reasonable, forward-looking information is not a guarantee of future performance and, accordingly, undue reliance should not be put on such information due to the inherent uncertainty therein.

 

CONTACT INFORMATION:

ZCI
John Kleynhans
+35 24 025 05 427

or

iCapital (Financial Adviser to ZCI)
Jordan Soko/ Ken Muyangwa
+260 211 256 657

or

Canaccord Adams Limited (Financial Adviser to ZCI)
Robert Finlay/ Mike Jones/ Andrew Chubb
+44 207 050 6500

or

Bridge Capital Advisors (Pty) Limited (Sponsors to ZCI)
Pieter Veldtman/ Zayd Laher
+27 (0) 11 268 6231

or

College Hill (Public Relations adviser to ZCI)
Paddy Blewer (UK)
+44 207 457 2020

or

College Hill (Public Relations adviser to ZCI)
Jacques de Bie (SA)
+27 (0) 11 447 3030

or

African Copper PLC
Chris Fredericks
+27 (11) 467 2360

or

African Copper PLC
Brad Kipp
(416) 847-4866

or

Numis Securities Limited
John Harrison
Nominated Advisor
+44 (9) 20 7260 1000

or

Numis Securities Limited
James Black
Corporate Broker
+44 (9) 20 7260 1000

INDUSTRY: Manufacturing and Production - Mining and Metals

 

 

 

 

Data and Statistics for these countries : United Kingdom | All
Gold and Silver Prices for these countries : United Kingdom | All

African Copper Plc

PRODUCER
CODE : ACU.L
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African Copper is a copper producing company based in United kingdom.

African Copper develops copper and silver in Botswana, and holds various exploration projects in Botswana.

Its main asset in production is MOWANA MINE in Botswana, its main asset in development is THAKADU in Botswana and its main exploration property is MATSITAMA in Botswana.

African Copper is listed in Canada, in Germany, in United Kingdom and in United States of America. Its market capitalisation is GBX 44.6 millions as of today (€ 40.1 millions).

Its stock quote reached its highest recent level on July 20, 2007 at GBX 97.50, and its lowest recent point on June 05, 2015 at GBX 0.03.

African Copper has 1 485 110 016 shares outstanding.

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Annual reports of African Copper Plc
2008 Annual Report
2007 annual Report
Financings of African Copper Plc
6/26/2007Completes Private Placement with Botswana Institutional Inve...
6/20/2007Announces Private Placement with Botswana Institutional Inve...
Nominations of African Copper Plc
1/26/2012Appointment of Non-Executive Director
10/29/2009Board Changes and NOMAD and Broker Appointment
4/5/2007Appointment of Naomi Nemeth to Vice President, Investor Rela...
Financials of African Copper Plc
2/16/2010Fourth Quarter 2009 Financial Results
Project news of African Copper Plc
10/15/2012Production Update: Record =?ISO-8859-1?Q?=20Production=20of=...
8/29/2012Initial Inferred Resource Estimate for the Mowana North Area...
8/8/2012Production Update-Record Concentrate Production in July afte...
6/8/2012(Mowana Mine)Additional USD6=2E0 Million Working Capital Facility and Mow...
5/22/2012(Mowana Mine)Failure of the Ball Mill Pinion Shaft at the Mowana Mine
4/2/2012Production Update
6/24/2011(Matsitama)Matsitama Minerals Licence Extensions and Exploration Update
5/19/2011Production Update
12/21/2009(Mowana Mine)ZCI Releases Independent Competent Persons Report on Mowana ...
1/21/2009(Mowana Mine)Mowana Mine Update
9/17/2008(Mowana Mine)Mowana Mine Update
2/25/2008(Mowana Mine)The Revised Mowana Mine Production Schedule Provides for Out...
1/25/2008(Mowana Mine) Finalizes Offtake Agreement for Mowana Concentrates Complet...
7/25/2007(Thakadu)Independent Resource Estimate for Thakadu Copper-Silver Proj...
6/14/2007(Mowana Mine)New Resource Estimate for Dukwe Project Enhances Resource Co...
6/6/2007High-Grade Mineralisation Extended for at Least 350 Metres t...
6/5/2007Drill Programme Returns High-grade Intersections and Shows V...
5/17/2007(Thakadu)'s Thakadu Drill Results a Positive Step Toward Delineating ...
4/18/2006Proposed placing of new ordinary shares
Corporate news of African Copper Plc
5/29/2015Small-cap Week, May 30
2/2/2015African Copper Plc: Resignation of Director
1/12/2015African Copper Plc: Directorate Changes
2/11/2014Production and Exploration Update for the Third Quarter of F...
12/10/2012Half-Year Results for th
10/3/2012Further Cautionary Statement
10/2/2012Change of Adviser
9/20/2012Result of Annual General Meeting
7/31/2012Final Results for the Year to 31 March 2012
7/10/2012ZCI Strategic Review
5/30/2012ZCI Strategic Review
4/16/2012ZCI Strategic Review
2/28/2012ZCI Strategic Review
2/1/2012Additional USD5 Million Facility Secured from ZCI
1/6/2012USD2.0 Million Working Capital Facility
8/26/2011Notice of Annual General Meeting
6/30/2011Final Results for the Year to 31 March 2011
6/28/2011Re: ZCI Trading Update
6/9/2010Change of Advisor's Names
5/4/2010Operational Update
4/1/2010Financing and Trading Update
2/1/20101 February 2010
1/18/2010Zambia Copper Investments ("ZCI") has received shareholder a...
12/10/2009Chris Fredericks resigned as a director and Chief Executive ...
11/17/2009Today Filed Its Third Q
10/14/2009Operational Update
9/30/2009Extension of Loan Facility
9/9/2009Operational Update
8/14/2009Today Filed Its Half Year Consolidated Financial Statements ...
7/30/2009Result of Annual General Meeting
7/30/2009AGM Presentation
6/29/2009Revocation of Cease Trade Order
6/29/2009Annual General Meeting
6/23/2009Filing of Interim Financial Statements and MD&A
6/19/2009and Zambia Copper Investments Limited ('ZCI') Term Loan Agre...
6/3/2009Settlement of Natasa Mining Ltd ("Natasa") Claims and Withdr...
5/26/2009ACU Payment to Bondholders and Natasa
5/22/2009Board Changes
5/22/2009Issue of 676,570,500 New Ordinary Shares of 1p Each
5/22/2009Share Transfer Instructions
5/21/2009Issue of Shares and Compromise Agreement With RSV
5/20/2009Announces Delisting from the Toronto Stock Exchange
5/18/2009Amended Agreement Between ACU and ZCI Dated 18 May 2009
5/15/2009Announces Delay in Filing Interim Financial Statements and M...
5/15/2009Revised Offer of Financing From Natasa Mining Limited
5/15/2009Natasa Mining Limited ("Natasa") Announcement
5/14/2009Transfer and Demand for Repayment of Bonds
5/13/2009Amended Agreement Between African Copper and Zambia Copper I...
11/12/2008Nets US$4.75 Million From Sale of Copper Put Options
8/15/2008Half Yearly Report
6/19/2008Result of AGM
6/13/2008Management Reorganization
5/16/2008Q1 Results
4/1/2008Preliminary Results for the Year Ended 31 December 2007
2/26/2008Total Voting Rights
2/15/2008 Disclosure of Shareholding
2/8/2008Issues 7.284 Million New Shares at 70p
1/30/2008Completes the Issue of 7.284 Million Shares
9/18/2007Receives Licence Renewal for =?ISO-8859-1?Q?Over=203,500sq=...
6/7/2007Annual Meeting Statement-Business & Growth Strategy
5/23/2007Protects Against Decline in Copper Price
6/5/2006Results of EGM
4/3/20062005 drilling programme triples contained copper at Mapanipa...
4/3/2006(Mowana Mine)Dukwe development plan finalized
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AIM (ACU.L)FRANKFURT (BNA.F)
0.030+0.00%0.001-50.00%
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