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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: Confluence who wrote (5109)11/30/1999 8:29:00 AM
From: gemsearcher  Read Replies (1) of 7235
 
Hi Confluence.

<If they have to dilute the company..why don't they do it in Canada>

It would not surprise me if the project financing and the equity financing were tied together; i.e. providers of the former want a piece of the latter. BWDIK.

It is interesting to note that that not only must SUF have the equity financing to acquire the Implats 54%, it must also demonstrate that it has binding financing commitments (or has cash readily available from other sources )to acquire the remaining 46% should all of the minority elect to tender to the "follow -up" offer that SUF is obliged to make under SA law. Note also that the Bid/Ask on the JSE is 9 Bid / 15 Ask (Rand). SUF is paying 9.20 Rand for the Implats control block.

Regards.
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