UK gold miner Peter Hambro Mining completes Aricom acquisition
London (Platts)--22Apr2009
platts.com
Peter Hambro Mining has completed its acquisition of UK-based mining
group Aricom, the UK gold miner said Wednesday.
Aricom develops mineral assets in Russia's Far East, with a focus on
ilmenite and iron ore for the Chinese market. Peter Hambro Mining is the
second-biggest gold producer in Russia, with attributable gold production in
2008 of 393,600 oz.
On February 6, the boards of Aricom and PHM announced that they had
reached agreement on the terms of a recommended all-share offer to be made by
PHM for the entire issued share capital of Aricom.
Earlier Wednesday, the independent board committee of Aricom announced
that the court had sanctioned the scheme of arrangement relating to the
recommended all-share offer, which was required in order to implement the
Merger, and the scheme of arrangement relating to the exchange of Aricom
warrants for new PHM warrants.
The share scheme and the warrant scheme became effective in accordance
with their terms Wednesday, and trading in Aricom shares and warrants on the
London Stock Exchange was canceled at 0700 GMT. PHM said.
The company has successfully transferred the listing of its entire issued
ordinary share capital from AIM to the Official List of the UK Listing
Authority, PHM said.
The ticker for the company's ordinary shares will continue to be LSE: POG
and the ticker for the new PHM warrants will be LSE: POGW. At admission there
were 171,083,485 ordinary shares and 8,312,463 warrants in issue, the company
said.
"The successful completion of the merger with Aricom and the move to the
main board of the London Stock Exchange both mark significant milestones in
the development of PHM as a leading natural resources company, with a focus on
the Far East of Russia," said PHM Chairman Peter Hambro in a statement.
"We have grown tremendously since we first listed on AIM in April 2002
and we look forward to the next stage in our development where we continue to
grow our production of profitable ounces of gold whilst exploring the
alternatives to take forward the iron ore projects," he added. |
