JSW gives SACMH shareholders more time to accept its offer

By: Loni Prinsloo, 6th January 2011
JOHANNESBURG (miningweekly.com) – JSW Energy, the independent power arm of rapidly growing Indian group JSW, said on Thursday that it would extend the closing date for the remaining shareholders of South African Coal Mining Holdings (SACMH) to accept its offer to buy their shares.
The company said in a statement that it had agreed with the SACMH board to extend the closing date for its offer to January 21, seeing that most offerees and brokers were still on leave this early in the year.
In May, JSW struck an R85-million agreement with the entities associated with the Royal Bafokeng Tribe and Strider Holdings, which were the major shareholders in SACMH, snatching a controlling interest in the company.
JSW then made a mandatory offer of 30c a share to the SACMH minority shareholders. Subject to certain circumstances, some shareholders may also receive an additional amount if they accept the offer.
SACMH shares had been suspended from trading on the JSE since May 2009 because it had not filed a reviewed provisional report within a stipulated three-month period. The shares were last traded at 41c a share.
Edited by: Mariaan Webb