Evraz Moves Forward with Offer to Acquire Highveld Shares
08/08/2007 - Evraz confirms that it now holds 56.01% of Highveld’s issued share capital following the closing of Evraz Group’s June 4 offer to acquire the entire issued share capital of Highveld Steel and Vanadium Corp.
Evraz Group SA announced that the offer it made June 4, 2007 to acquire the entire issued share capital of Highveld Steel and Vanadium Corp. Ltd. (other than the shares currently held by Evraz) for a consideration of ZAR 93 closed on August 6, 2007.
Evraz confirmed that as of the close of the offer, it had received acceptances in respect of 1,879,070 Highveld shares representing 1.89% of Highveld’s entire issued share capital. In aggregate, Evraz now holds 55,534,182 Highveld shares, representing 56.01% of Highveld’s entire issued share capital.
Last week, Evraz announced that its Board of Directors had approved the purchase of a 24.9% stake in Highveld from Credit Suisse International for up to US$219 million. After Evraz executes this option, it will hold 80,222,058 Highveld shares, representing 80.9% of Highveld’s entire issued share capital. The option is to be executed before October 1, 2007.
Evraz confirmed that as of the close of the offer, it had received acceptances in respect of 1,879,070 Highveld shares representing 1.89% of Highveld’s entire issued share capital. In aggregate, Evraz now holds 55,534,182 Highveld shares, representing 56.01% of Highveld’s entire issued share capital.
Last week, Evraz announced that its Board of Directors had approved the purchase of a 24.9% stake in Highveld from Credit Suisse International for up to US$219 million. After Evraz executes this option, it will hold 80,222,058 Highveld shares, representing 80.9% of Highveld’s entire issued share capital. The option is to be executed before October 1, 2007.
Evraz notes that this offer is not being made in or into the United States, Australia, Canada or Japan, or any other jurisdiction where the offer could constitute a violation of the law. The offer cannot be accepted by any such use, means or instrumentality or from within the United States (or any restricted jurisdiction). The company further noted that this announcement does not constitute an extension of the offer in the United States or any other restricted jurisdiction.
