Business
Re: Kalahari Minerals & NWT Uranium Announc...
Re: Kalahari Minerals & NWT Uranium Announc....
About this update from Emmerson Plc
[{"type":"text","content":"\n \nFor release at 1330hrs 25th January, 2010\n\n Emerging Metals Limited \n\n(\"EML\", \"Emerging Metals\" or \"the Company\")\n\n Investment in Kalahari Minerals Plc and Announcement of NWT Uranium \n\nThe Directors of Emerging Metals Limited (AIM: EML) note the announcement of\nNWT Uranium Corp. (TSX-V: \"NWT\") on 20th January 2010 advising that NWT will be\ntaking immediate steps to requisition an EGM of shareholders of Niger Uranium\nLimited (\"Niger Uranium\"). NWT holds approximately 35% of the outstanding\nissued shares of Niger Uranium which carry a right to vote at shareholder\nmeetings.\n\n\nAt the General Meeting to be convened at NWT's request, NWT proposes that Niger\nUranium shareholders vote on a composite resolution for (i) the removal of\nNiger Uranium's Executive Chairman, David de Jongh Weill, as a director and his\nreplacement with Wayne Isaacs, and (ii) the authorization of the Niger Uranium\nboard to take the necessary steps to seek the distribution by Kalahari Minerals\nPlc (AIM: KAH) (\"Kalahari\") of not less than 90% of its shares in Extract\nResources Limited (ASX/TSX/NSX: EXT) (\"Extract\") to shareholders of Kalahari.\nNWT's management would, if successful, recommend that substantially all of the\nExtract shares be subsequently distributed to Niger Uranium shareholders by way\nof a special dividend. Niger Uranium currently holds approximately 13% of the\noutstanding shares of Kalahari and Kalahari currently indirectly holds\napproximately 41% of the outstanding shares of Extract.\n\nWhile Emerging Metals is not a shareholder of NWT, it is a significant\nshareholder of Kalahari holding 17,835,294 shares of Kalahari, representing\napproximately 8.53% of Kalahari's outstanding shares. The Directors of Emerging\nMetals wish to go on record stating that they will oppose the distribution of\nthe Extract shares held by Kalahari as they view it as a value destructive\nmove. The Directors of Emerging Metals therefore believe that it is in the best\ninterests of Kalahari shareholders that Kalahari's 41% interest in Extract be\nretained by Kalahari and not be distributed to shareholders.\n\n- ends -\n\nContact details\n\n Emerging Metals Blomfield Corporate Fox-Davies Capital GTH \n Limited Finance Limited Limited \n Communications \n \n Jim Mellon Toby Howell Daniel Fox-Davies Toby Hall \n \n Denham Eke Pet...