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Gold/Mining/Energy : SOUTHERNERA (t.SUF)
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To: gemsearcher who wrote (6102)7/28/2000 9:11:45 AM
From: Gord Bolton  Read Replies (1) of 7235
 
KROONDAL SHARES FALL AFTER FRIENDLY BID
Shares and options in South African platinum miner Kroondal fell as investors took profits after a friendly bid by Australia's Aquarius Platinum earlier in the week.
Kroondal shares were trading 6.15 percent lower at R15.25 rand, adrift of a year-high of R21 reached at the beginning of the week shortly before the two firms said they intended to merge to create a company worth Sterling 200 million.
The deal will be through Aquarius offering 100 of its shares from a newly listed subsidiary on the Johannesburg bourse for every 100 Kroondal shares.
Aquarius is expected to use strong cash flows from Kroondal to finance mine projects in South Africa, including the Marikana and Everest South projects to develop new platinum mines.
Kroondal shares will be delisted from the Johannesburg bourse on September 15 if the Aquarius offer is accepted. - Reuters
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