Business
Disposal and Change of Name of Nominated Adviser
Disposal and Change of Name of Nominated Adviser.
About this update from Emmerson Plc
[{"type":"text","content":"\n \nFor Immediate Release\n\n EMERGING METALS LIMITED \n\n (\"EML\" or the \"Company\") \n\n Disposal \n\n Change of name of nominated adviser \n\nThe Company is pleased to announce that it has disposed of 50% of its entire\nholding of 17,835,294 shares in Kalahari Minerals plc (\"KAH Shares\") at a price\nof 185p per KAH Share and furthermore has entered in to an agreement, subject\nonly to shareholders consent, to dispose of the remaining 50% of its holding at\na price of 185p per KAH Share. The gross proceeds of the sale of the entire\nholding 17,835,294 KAH shares will be £32,995,293.90.\n\nThe first tranche of 8,917,647 KAH Shares (being 50% of EML's holding) was\nunconditionally sold on 25 March 2010 for a gross cash consideration of £\n16,497,646.95 (\"Tranche 1\") to Nippon Uranium Resources (Australia) Proprietary\nLimited, a wholly owned subsidiary of Itochu Corporation for settlement on 1\nApril 2010.\n\nUnder an agreement with Nippon Uranium Resources (Australia) Proprietary\nLimited dated 25 March 2010 the Company has agreed terms for the disposal of\nthe second tranche of 8,917,647 KAH Shares (being the entire balance of EML's\nholding) for a gross cash consideration of £16,497,646.95 (\"Tranche 2\") is\nsubject to EML shareholder approval at a general meeting of the Company which\nis expected to be convened for Friday 16th April 2010 (the \"General Meeting\")\nand will, if approved, be completed within six business days thereafter and in\nany event no later than 4 May 2010.\n\nThe total gross consideration for Tranches 1 and 2 combined will be £\n32,995,293.90 and after associated and direct costs the directors believe that\nthe total net consideration will be in excess of £32,250,000. Subject to\ncompletion of the sale of both Tranches 1 and 2 the Company intends to\ndistribute approximately 50% of the net proceeds of the Transaction to\nshareholders by way of a special dividend. The Directors anticipate that such\nspecial dividend will be in the region of 4.4 to 4.8 pence per EML share.\n\nUnder Aim Rule 15, following the disposal of both Tranches 1 and 2 the Company\nwill be considered an investing company. A new investing strategy will be put\nto shareholders for approval at the General Meeting and the balance of the net\nsale proceeds will be applied in accordance with that strategy. The Company\nwill h...