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AGL
ANAAL
AGL - Anglo American Plc Supports Anglo Platinum`s $1.6 Billion Rights Offer
Anglo American plc
Incorporated in the United Kingdom
(Registration number: 3564138)
Short name: Anglo
Share code: AGL
ISIN number: GB00B1XZS820
("Anglo American plc" or "the company")
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY
JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL
Anglo American supports Anglo Platinum`s $1.6 billion rights offer
Anglo American plc announces that it has undertaken to subscribe in full to its
entitlement to the rights offer announced today by its subsidiary company, Anglo
Platinum.
Following the rights offer, Anglo Platinum will have a more balanced capital
structure, enabling it to focus on extracting value from its existing operations
through further cost and productivity improvements and optimising its premium
portfolio of assets and growth projects through disciplined investment. Anglo
Platinum`s dividend payments will be resumed when market conditions and the
operating environment permit.
Anglo Platinum expects to raise gross proceeds of approximately ZAR12.5 billion
(approximately $1.6 billion) through the rights offer and Anglo American will
take up its rights in full associated with its 79.72% shareholding in Anglo
Platinum, equivalent to approximately ZAR10 billion (approximately $1.3
billion). Anglo American has also agreed to underwrite the minority portion of
the rights offer. This underwriting and Anglo American`s undertaking to
subscribe in full for its rights are subject to customary underwriting
conditions.
The proceeds from the rights offer will be used by Anglo Platinum to repay debt,
including intercompany debt between Anglo American and Anglo Platinum. Following
the rights offer, Anglo Platinum`s pro forma net debt, as at 31 December 2009,
will be ZAR6.8 billion (approximately $900 million).
The take-up of rights by Anglo American and repayment of intercompany debt by
Anglo Platinum will be, in effect, an exchange of debt for equity. As Anglo
Platinum is fully consolidated within the financial results of Anglo American,
the expected ZAR2.5 billion of subscription proceeds from Anglo Platinum`s
minority shareholders will reduce Anglo American`s group net debt.
This announcement does not constitute or form part of any offer or solicitation
to purchase or subscribe for securities in the United States. The securities
have not been and will not be registered under the US Securities Act of 1933
(the "Securities Act") or the securities laws of any state or any other
jurisdiction of the United States. Consequently, they may not be offered, sold,
taken up, exercised, resold, renounced, transferred or delivered, directly or
indirectly, within the United States except pursuant to an applicable exemption
from, or in a transaction not subject to, the registration requirements of the
Securities Act and in compliance with any applicable securities laws of any
state or other jurisdiction of the United States. There will be no public offer
of securities in the United States.
This press release includes statements that are forward-looking in nature.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause actual results, performance or achievements to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
For further information, please contact:
United Kingdom
James Wyatt-Tilby, Media Relations
Tel: +44 (0)20 7968 8759
Caroline Metcalfe, Investor Relations
Tel: +44 (0)20 7968 2192
Leisha Wemyss, Investor Relations
Tel: +44 (0)20 7968 8607
South Africa
Pranill Ramchander, Media Relations
Tel: +27 (0)11 638 2592
Anna Poulter, Investor Relations
Tel: +27 (0)11 638 2079
Notes to Editors:
Anglo American plc is one of the world`s largest mining groups. With its
subsidiaries, joint ventures and associates, it is a global leader in platinum
group metals and diamonds, with significant interests in copper, iron ore,
metallurgical coal, nickel and thermal coal, as well as a divestment portfolio
of other mining and industrial businesses. The Group is geographically diverse,
with operations in Africa, Europe, South and North America, Australia and Asia.
www.angloamerican.co.uk
8 February 2010
Sponsor:
UBS South Africa (Pty) Ltd
Date: 08/02/2010 09:06:03 Produced by the JSE SENS Department.
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