Business
Proposed Special Dividend
Proposed Special Dividend.
About this update from Uru Metals Limited
[{"type":"text","content":"\n RNS Number : 7089B Niger Uranium Limited 30 October 2009 \n \nFor immediate release\n30 October 2009\nNIGER URANIUM LIMITED\n(\"Niger Uranium\" or \"the Company\")\nProposed Demerger of substantially all the Group's stake in Kalahari Minerals Plc \nby means of a Special Dividend \n1. Introduction\n \nNiger Uranium announces that the Company proposes a conditional dividend in specie of substantially all of its stake in Kalahari Minerals. \nThe proposed Special Dividend constitutes a fundamental change of business for the Company which, under Rule 15 of the AIM Rules for Companies, requires Shareholder approval. \nFollowing the Special Dividend (if approved), the Company will continue to hold 2,680,000 Kalahari Shares and its exploration licences in Niger together with its interests in South America and shall continue to operate its business in line with its stated strategy (as adopted at the time of Admission) as a uranium exploration and development company.\n2. Terms of the Special Dividend\nThe Board proposes to make the Special Dividend to Qualifying Shareholders on the following basis: \n\n\n\n\nFor every 100 Qualifying Ordinary Shares\n\n\n\n\n\nnot less than 20.66 Kalahari Shares\n\n\n\n\n\nThe Special Dividend is equivalent to 36p per qualifying Ordinary Share, based on the Closing Price of Kalahari Shares on 29 October 2009, the last practicable date before the publication of this announcement.\nThe Special Dividend represents a premium of approximately 12.5 per cent. to the Closing Price of 32 pence per Ordinary Share on 29 October 2009, the last dealing day prior to the date of the announcement.\n\nThe Special Dividend 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. \nThe 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 Escrow Shares which the Board intends to buyback and cancel, to...