OZ Minerals Limited requests that its shares be suspended prior to the commencement of trading pursuant to Listing Rule 17.2.
Following the statement made on Friday 27 March 2009 by the Treasurer of Australia in respect of the proposed acquisition of OZ Minerals by China Minmetals Non-ferrous Metals (Minmetals), OZ Minerals has received an alternative incomplete proposal (Proposal) from Minmetals which, when completed, will result in Minmetals acquiring all of OZ Minerals’ assets except for Prominent Hill, Martabe and the Company’s portfolio of listed assets, including Toro Energy Limited. The Proposal will also provide a complete solution to OZ Minerals’ refinancing issues.
Also, and as previously advised, OZ Minerals is currently seeking a further extension to the refinancing date for certain of its banking facilities. At present, those facilities are due to be refinanced today and, notwithstanding recent events, the Company expects that those negotiations will be completed satisfactorily having regard to the Proposal.
OZ Minerals is concerned that, as the Proposal and the refinancing extension negotiations are subject to confidentiality provisions and are not yet complete, the Company may not be able to keep the market fully informed of relevant developments.
OZ Minerals will make a definitive announcement regarding its refinancing negotiations before the commencement of trading tomorrow and will endeavour to make a definitive announcement regarding the Proposal in the same timeframe. The Company expects to seek re-instatement to normal trading on 1 April 2009.
OZL Price at posting:
55.5¢ Sentiment: Hold Disclosure: Held
