ABN 48 116 296 541
EXCHANGE RELEASE
Minemakers Announces On-Market Share Buy-Back
17 October 2014
Minemakers Limited ("Minemakers" or "the Company") is pleased to announce, subject to approval by the Toronto Stock Exchange, the initiation of an on-market share buy-back facility of up to 10% of the Company's total share capital over the next twelve months.
This initiative is being undertaken as part of the Company's ongoing capital management strategy, taking note of the low share price trading levels when compared to the net tangible asset backing of the shares and, in particular, the Company's cash backing. The Board believes the current share price does not reflect the fair value of the Company and as such considers instituting a buy-back as a sound use of available capital. Minemakers acknowledges that it has had a share buy-back facility in place in the past. Nevertheless, the ability to buy back shares remains a viable capital management option and it is prudent to have this in place.
In accordance with the ASX Listing Rules, the prices paid for any shares purchased under the share buy-back will be no more than 5% above the volume weighted average price of Minemakers shares over the five prior trading days. The total number of shares to be purchased by Minemakers under the buy-back will depend on market conditions and volumes. The buy-back facility will be open for 12 months from 3 November 2014, 14 days after lodgement.
JM Financial Group Limited has been appointed to assist with the buy-back.
The Appendix 3C in relation to the on-market buy-back is attached to this announcement.
The on-the-market buy-back is not being executed through the facilities of the Toronto Stock Exchange. Residents of Canada who wish to participate should contact Mr Rod Wheatley, Company Secretary, on +61 8 9264 7000. The on-the-market buy-back is proceeding pursuant to the foreign issuer bid exemption found in applicable Canadian securities laws.
MINEMAKERS LIMITED
ABN 48 116 296 541
ASX & TSX: MAK
Level 2, 34 Colin Street
West Perth Western Australia 6005 (PO Box 1704 West Perth WA 6872)
Phone: +61 8 9264 7000
Facsimile: +61 8 9264 7099
Website: www.minemakers.com.au
CONTACTS
Mr Cliff Lawrenson
Managing Director and Chief Executive Officer
Minemakers Limited
About Minemakers Limited
Minemakers Limited (ASX & TSX Code: MAK) aims to become a significant force in world phosphate, through the development of the wholly owned Wonarah deposit in the Northern Territory:
Phosphate is a strategic natural resource essential to crop production and animal growth.
There is no artificial substitute for phosphate which is a finite resource
Wonarah hosts one of the largest contained P2O5 resources of any know phosphate deposit in Australia and is favorably located with existing and available infrastructure
Minemakers has a key strategic shareholder in Vulcan Phosphates - global experts in phosphate markets
Minemakers has an exclusive Australian licence to apply JDCPhosphate, Inc's Improved
Hard Process (IHP), a proprietary phosphate technology
Wonarah is well suited to application of IHP and production of phosphoric acid
Minemakers is trading below cash value with sufficient funding in place to complete the
Wonarah project feasibility studies
Cliff Lawrenson
Managing Director
Page 2 of 2
Appendix 3C Announcement of buy-back
Appendix 3C
Announcement of buy-back
(except minimum holding buy-back)
Information and documents given to ASX become ASX's property and may be made public.
Introduced 1/9/99. Origin: Appendix 7B. Amended 13/3/2000, 30/9/2001, 11/01/10
Name of entity ABN/ARSN
Rule 3.8A
Minemakers Limited 48 116 296 541
We (the entity) give ASX the following information.
Information about buy-back
1 Type of buy-back On market buy-back within 10/12 limit
2 +Class of shares/units which is the subject of the buy-back (eg, ordinary/preference)
Ordinary
3 Voting rights (eg, one for one) One for one
4 Fully paid/partly paid (and if partly paid, details of how much has been paid and how much is outstanding)
Fully paid
5 Number of shares/units in the +class on issue
247,504,006 fully paid shares on issue prior to commencement of the buy-back
6 Whether shareholder/unitholder approval is required for buy-back
Shareholder approval is not required
7 Reason for buy-back Ongoing capital management strategy
+ See chapter 19 for defined terms.
11/01/2010 Appendix 3C Page 1
Appendix 3C
Announcement of buy-back
8 Any other information material to a shareholder's/unitholder's decision whether to accept the offer (eg, details of any proposed takeover bid)
Not applicable
On-market buy-back
9 Name of broker who will act on the
company's behalf
JM Financial Group Ltd
10 Deleted 30/9/2001.
11 If the company/trust intends to buy back a maximum number of shares - that number
Note: This requires a figure to be included, not a percentage.
Up to 24,750,400 (10% of the issued capital) subject to the Company's right to terminate the buy-back at any time.
12 If the company/trust intends to buy back shares/units within a period of time - that period of time; if the company/trust intends that the buy- back be of unlimited duration - that intention
Commencing 3 November 2014 for a 12 month period
13 If the company/trust intends to buy back shares/units if conditions are met - those conditions
The Company will buy shares at such times and in such circumstances as is considered beneficial to the efficient capital management of the Company.
Employee share scheme buy-back
14 Number of shares proposed to be bought back
Not applicable
15 Price to be offered for shares Not applicable
+ See chapter 19 for defined terms.
Appendix 3C Page 2 11/01/2010
Appendix 3C Announcement of buy-back
Selective buy-back
16 Name of person or description of class of person whose shares are proposed to be bought back
Not applicable
17 Number of shares proposed to be bought back
Not applicable
18 Price to be offered for shares Not applicable
Equal access scheme
19 Percentage of shares proposed to be bought back
Not applicable
20 Total number of shares proposed to be bought back if all offers are accepted
Not applicable
21 Price to be offered for shares Not applicable
22 +Record date for participation in offer
Cross reference: Appendix 7A, clause 9.
Not applicable
Compliance statement
1. The company is in compliance with all Corporations Act requirements relevant to this buy-back.
or, for trusts only:
1. The trust is in compliance with all requirements of the Corporations Act as modified
by Class Order 07/422, and of the trust's constitution, relevant to this buy-back.
2. There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form.
Sign here: ............................................................ Date: 17 October 2014 (Director/Company secretary)
Print name: Rod Wheatley
+ See chapter 19 for defined terms.
11/01/2010 Appendix 3C Page 3