Alum Sa · BVB:BBGA
Alum Sa — Shareholder Meeting (July 2023)
8 slides from Alum Sa's shareholder meeting presentation, Jul 10, 2023
Slide 1: Proposal to approve the sale of 100% of the shares of Global Aluminum Limited
The Board of Directors Proposal to approve the sale of 100% of the shares of Global Aluminum Limited Extraordinary General Meeting of Shareholders of 10-11 July 2023 06/06/2023 1
Slide 2: General presentation (I)
General presentation (I) Summary: Alum proposes to sale the shares of Global Aluminum Limited ("GAL"), as it is at the date of the transaction, together with all the rights and obligations that the ownership of these shares implies, to any interested partner, under the conditions generally described
Slide 3: General presentation (II)
General presentation (II) GAL is a company established in the British Virgin Islands and acquired by Alum S.A. on March 01, 2011. GAL has two subsidiaries, 100% owned: SMHL and BML. The main subsidiary of GAL, SMHL, owns a bauxite mine concessioned by the government of Sierra Leone, which covers an
Slide 4: General presentation (III)
General presentation (III) The mining activity of SMHL is carried out by its own forces, starting from November 15, 2010, when SMHL terminated the contract with PW Mining International and took control over the mining activities. The SMHL exploitation activity has been carried out, with some excepti
Slide 5: General presentation (IV)
General presentation (IV) The above considerations generated, in the last couple of years, a negative impact over SMHL, materialized in: • Lack of sales contracts for the entire production potential of the mine for the current year, with the consequence of not achieving sufficient incomes to cover e
Slide 6: General presentation (V)
General presentation (V) • Lack of appetite to finance the mining activities by regional or international banking institutions, caused by the commercial circumstances and the risks associated with the region. Considering all the above, it can be seen that the ownership of 100% of the share capital o
Slide 7: Empowerment (VI)
Empowerment (VI) In view of the above, the Board of Directors considers it appropriate to carry out a sale transaction of 100% of the share capital of the GAL, under the following conditions: the sale will be made at a price negotiated with the interested buyer starting from the valuation report o
Slide 8: Competence to approve the transaction belongs to the General Shareholders Meeting
According to the Alum by laws, the competence to approve the transaction belongs to the General Shareholders Meeting. The Board of Directors of the Alum SA proposes to the General Shareholders Meeting to approve the sale of 100% of Global Aluminum Limited share capital and to authorize the Board of