Business
Proposed Demerger - Qualifyin
Proposed Demerger - Qualifyin.
About this update from Uru Metals Limited
[{"type":"text","content":"\n RNS Number : 6881C Niger Uranium Limited 18 November 2009 \n \nFor immediate release\n18 November 2009\nNiger Uranium Limited\n(\"Niger Uranium\" or the \"Company\")\n\nProposed Demerger of the Group's holding of 25,000,000 Kalahari Shares \nQualifying Shares\n \n1. Introduction\n\nOn 30 October 2009 Niger Uranium announced that the Company proposed a conditional dividend in specie of substantially all of its stake in Kalahari Minerals. The Special Dividend, which was unanimously supported by the Board at that time, is conditional, inter alia, on approval by Shareholders at the Meeting of Shareholders to be held on 24 November 2009. There can be no assurance at this stage that Shareholders will approve the Special Dividend. If the Special Dividend is not approved, the Company will continue to hold its entire holding of Kalahari Shares.\n\nSubject to Shareholder approval, the Special Dividend will be paid to all Qualifying Shareholders on the register at the Record Date, which is 6.00 p.m. on 24 November 2009. The Qualifying Shares will comprise the existing Ordinary Shares, less the 8.5 million Ordinary Shares currently held in Escrow and which the Board has resolved to cancel, together with the new Ordinary Shares issued to the Option holders on valid exercise or cancellation of their existing options and/or warrants as described further below.\n\n2. Qualifying Shares\n\nOn 8 October 2009, the Company announced that the share purchase agreement under which Niger Uranium had agreed, subject to the satisfaction of certain conditions precedent, to acquire URU Henkries had lapsed and that the acquisition had terminated. In accordance with the sale and purchase agreement, as the transaction did not complete, on 30 October 2009 the Board announced that it was arranging for the buyback for a nominal amount and cancellation of the 8,500,000 Escrow Shares in accordance with BVI law. The Escrow Shares are not Qualifying Shares therefore for the purposes of the Special Dividend.\n\nIn accordance with the terms of the Company's existing Share Option Plan, on announcement of the proposed Special Dividend on 30 October 2009, all outstandi...