ELE - CMT acquisition
Oslo, 13. august 2018: Element ASA ('Element' eller 'Selskapet') har inngått en opsjonsavtale om kjøp av en 37% eierandel i CMT, gjennom et joint venture med Auplata. Den endelige avtalen forlenger opsjonsperioden fra 30. juni 2019 til 31. desember 2019.
https://newsweb.oslobors.no/message/456922
"Vi er veldig glade for å ha inngått endelige avtale for kjøp av en eierandel i CMT" sier Lars Christian Beitnes, styreleder i Element. "Muligheten for å forlenge deler av opsjonen til slutten av 2019 gir ekstra fleksibilitet for Element på et tidspunkt hvor vi forventer produksjonsstart i Ambershaw Metallics Inc. I Canada i Q3 som vil gi inntekter til AMI i tillegg til utstedelse av våre første IRON-tokens ", fortsetter han.
"Etter vår oppfatning er CMT, som med sitt stabile historiske overskudd og utbytte utbetaling, en attraktiv porteføljeinvestering for Element og vil legge til rette for behovet for en diversifisert prosjektportefølje ," sier Cecilie Grue, administrerende direktør i Element. "Videre ser vi frem til å arbeide med Auplata som joint venture partner og å styrke vårt samarbeid med dem."
https://newsweb.oslobors.no/message/456922
"Vi er veldig glade for å ha inngått endelige avtale for kjøp av en eierandel i CMT" sier Lars Christian Beitnes, styreleder i Element. "Muligheten for å forlenge deler av opsjonen til slutten av 2019 gir ekstra fleksibilitet for Element på et tidspunkt hvor vi forventer produksjonsstart i Ambershaw Metallics Inc. I Canada i Q3 som vil gi inntekter til AMI i tillegg til utstedelse av våre første IRON-tokens ", fortsetter han.
"Etter vår oppfatning er CMT, som med sitt stabile historiske overskudd og utbytte utbetaling, en attraktiv porteføljeinvestering for Element og vil legge til rette for behovet for en diversifisert prosjektportefølje ," sier Cecilie Grue, administrerende direktør i Element. "Videre ser vi frem til å arbeide med Auplata som joint venture partner og å styrke vårt samarbeid med dem."
Redigert 13.08.2018 kl 08:42
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13.08.2018 kl 08:43
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13/08-2018 08:30:00: (ELE) Element ASA signs final terms for its acquisition of stake in CMT
Oslo, 13 August 2018: Element ASA ('Element' or the 'Company') has signed a Call
Option Agreement for the acquisition of a 37% stake in CMT, in a joint venture
with Auplata. The final agreement extends expiry of the Call Option from 30 June
2019 to 31 December 2019.
"We are very pleased to have reached the final terms of the acquisition of a
stake in CMT," says Lars Christian Beitnes, Chairman in Element. "The
possibility to extend a part of the option until the end of 2019 gives added
flexibility for Element", he continues.
"In our view CMT is a great portfolio asset for Element and will add the needed
diversity to our project portfolio," says Cecilie Grue, CEO in Element.
"Furthermore, we look forward to working with Auplata as JV partners and to
strengthen the collaboration with them."
CALL OPTION DETAILS
Reference is made to Element's stock exchange announcements regarding the terms
and extension of the exclusivity period for the LOI with Auplata entered into
for the purpose of forming a Joint Venture to acquire a 37% stake in the
Moroccan mining company Compagnie Minière de Toussit SA ('CMT') through
ownership of 5,000 units ('Units') equal to 50% each of the issued units in a
joint corporate structure in Luxembourg ('Ocead Fund'). The Call Option
Agreement is entered into with the owner of the Units (the "Seller"), which
holds 73.5% of the Ocead Fund. Auplata currently owns 26.5% of the Osead Fund
and has an option to acquire additional 23.5% of the Osead Fund from the Seller
resulting in a total of 50% of the Units. Osead Fund owns 100% of Osead S.A
which owns 100% of Osead Maroc Mining ("OMM") which in turn holds 37% of the
shares of CMT.
Element may exercise the Call Option in one or more instalments. Initial partial
exercise of minimum amount EUR 15,000,000 must be exercised within 30 June 2019.
Exercised of remaining instalments must be exercised within 31 December 2019. If
the Initial Partial Exercise is not made by 30 June 2019 the Call Option
Agreement will lapse. The Call Option Agreement is subject to due prepayment of
EUR 3 within 30 September 2018.
The purchase price for 50% of the Osead Fund is EUR 25,500,000 plus the
additional consideration (as set out below), equalling a price per unit of EUR
5,100. Through acquisition of the units in the Fund certain debt is taken over.
The Fund has issued notes valued at MEUR 23.7 as of 15 September 2018.
Furthermore, OMM will have debt as of 31 December 2018 in the amount of MAD
288,000,000 to CMT.
In order to ensure division of distributable profit from CMT between the Element
and the Seller the parties have agreed to the additional consideration of EUR
450, 900, or 1,200 per Unit depending on when the Units are acquired. The
additional consideration is EUR 450 per Unit if the Call Option is exercised
prior to 1 January 2019, and EUR 900 per Unit if the Call Option is exercised
after 31 December 2018. However, if the Call Option is partly exercised after 30
June 2019, then the additional consideration is EUR 1,200 per Unit for the Units
exercised after 30 June 2019.
Element will make a prepayment of a total of EUR 3,000,000; EUR 1,000,000 is
payable at signing of the Call Option Agreement and EUR 2,000,000 no later than
30 September 2018. The amount is deemed a prepayment of the first EUR 15,000,000
due under the Call Option. The balance payable under the initial partial
exercise shall be EUR 12,000,000. If Element fails to make the full prepayment
by 30 September 2018 or fails to make the Initial Partial Instalment before 30
June 2019, the Seller will keep MEUR 0.5 as a "break-fee" and will transfer
Units for the remaining part of the prepayment at a unit price of EUR 6,300.
Upon payment of the initial partial payment of EUR 15,000,000 Element becomes
owner of 50% of the shares of the management company of the Osead Fund, without
cost. Element and Auplata has entered into a shareholders` agreement for the
purpose of controlling the Fund through the management company.
ABOUT CMT
CMT is the second largest mining company in Morocco founded in 1974, listed on
the Casablanca Stock Exchange (ISIN: MA0000011793), specialising in the
exploration, extraction and processing of base metal, precious metal and
industrial metal ores. As Morocco's largest producer of high-quality
argentiferous lead concentrate, CMT also produces argentiferous zinc concentrate
and other related metals. In 2017 the company had more than 370 employees,
generating a turnover of 444.62 MMAD (approx. MNOK 384) and EBITDA of MMAD
191.44 (approx. MNOK 165). Information about CMT is available in French on
http://miniere-touissit.com.
Element will publish additional information as required in an expanded stock
exchange announcement as soon as practically possible and no later than 16
August 2018.
This announcement is made in accordance with the Securities Trading Act Section
5-12.
Oslo, 13 August 2018
Oslo, 13 August 2018: Element ASA ('Element' or the 'Company') has signed a Call
Option Agreement for the acquisition of a 37% stake in CMT, in a joint venture
with Auplata. The final agreement extends expiry of the Call Option from 30 June
2019 to 31 December 2019.
"We are very pleased to have reached the final terms of the acquisition of a
stake in CMT," says Lars Christian Beitnes, Chairman in Element. "The
possibility to extend a part of the option until the end of 2019 gives added
flexibility for Element", he continues.
"In our view CMT is a great portfolio asset for Element and will add the needed
diversity to our project portfolio," says Cecilie Grue, CEO in Element.
"Furthermore, we look forward to working with Auplata as JV partners and to
strengthen the collaboration with them."
CALL OPTION DETAILS
Reference is made to Element's stock exchange announcements regarding the terms
and extension of the exclusivity period for the LOI with Auplata entered into
for the purpose of forming a Joint Venture to acquire a 37% stake in the
Moroccan mining company Compagnie Minière de Toussit SA ('CMT') through
ownership of 5,000 units ('Units') equal to 50% each of the issued units in a
joint corporate structure in Luxembourg ('Ocead Fund'). The Call Option
Agreement is entered into with the owner of the Units (the "Seller"), which
holds 73.5% of the Ocead Fund. Auplata currently owns 26.5% of the Osead Fund
and has an option to acquire additional 23.5% of the Osead Fund from the Seller
resulting in a total of 50% of the Units. Osead Fund owns 100% of Osead S.A
which owns 100% of Osead Maroc Mining ("OMM") which in turn holds 37% of the
shares of CMT.
Element may exercise the Call Option in one or more instalments. Initial partial
exercise of minimum amount EUR 15,000,000 must be exercised within 30 June 2019.
Exercised of remaining instalments must be exercised within 31 December 2019. If
the Initial Partial Exercise is not made by 30 June 2019 the Call Option
Agreement will lapse. The Call Option Agreement is subject to due prepayment of
EUR 3 within 30 September 2018.
The purchase price for 50% of the Osead Fund is EUR 25,500,000 plus the
additional consideration (as set out below), equalling a price per unit of EUR
5,100. Through acquisition of the units in the Fund certain debt is taken over.
The Fund has issued notes valued at MEUR 23.7 as of 15 September 2018.
Furthermore, OMM will have debt as of 31 December 2018 in the amount of MAD
288,000,000 to CMT.
In order to ensure division of distributable profit from CMT between the Element
and the Seller the parties have agreed to the additional consideration of EUR
450, 900, or 1,200 per Unit depending on when the Units are acquired. The
additional consideration is EUR 450 per Unit if the Call Option is exercised
prior to 1 January 2019, and EUR 900 per Unit if the Call Option is exercised
after 31 December 2018. However, if the Call Option is partly exercised after 30
June 2019, then the additional consideration is EUR 1,200 per Unit for the Units
exercised after 30 June 2019.
Element will make a prepayment of a total of EUR 3,000,000; EUR 1,000,000 is
payable at signing of the Call Option Agreement and EUR 2,000,000 no later than
30 September 2018. The amount is deemed a prepayment of the first EUR 15,000,000
due under the Call Option. The balance payable under the initial partial
exercise shall be EUR 12,000,000. If Element fails to make the full prepayment
by 30 September 2018 or fails to make the Initial Partial Instalment before 30
June 2019, the Seller will keep MEUR 0.5 as a "break-fee" and will transfer
Units for the remaining part of the prepayment at a unit price of EUR 6,300.
Upon payment of the initial partial payment of EUR 15,000,000 Element becomes
owner of 50% of the shares of the management company of the Osead Fund, without
cost. Element and Auplata has entered into a shareholders` agreement for the
purpose of controlling the Fund through the management company.
ABOUT CMT
CMT is the second largest mining company in Morocco founded in 1974, listed on
the Casablanca Stock Exchange (ISIN: MA0000011793), specialising in the
exploration, extraction and processing of base metal, precious metal and
industrial metal ores. As Morocco's largest producer of high-quality
argentiferous lead concentrate, CMT also produces argentiferous zinc concentrate
and other related metals. In 2017 the company had more than 370 employees,
generating a turnover of 444.62 MMAD (approx. MNOK 384) and EBITDA of MMAD
191.44 (approx. MNOK 165). Information about CMT is available in French on
http://miniere-touissit.com.
Element will publish additional information as required in an expanded stock
exchange announcement as soon as practically possible and no later than 16
August 2018.
This announcement is made in accordance with the Securities Trading Act Section
5-12.
Oslo, 13 August 2018
Da blir det vel en dump fra BO utover dagen tenker jeg.
Dessuten er det krevende å forstå denne meldingen, her kommer det transer ved kjøpsopsjon.
...."Elementet kan utøve kjøpsopsjonen gjennom én eller flere transjer. Den første transjen må minimum utgjøre EUR 15 000 000 og må utøves innen 30. juni 2019.Utøvelse av senere transjer må skje innen 31. desember 2019. Dersom den førstetransjen ikke er utøvd innen 30. juni 2019, vil kjøpsopsjonen bortfalle.
Opsjonsavtalen er betinget av at Element betaler et forskudd på EUR 3 000 000 innen 30 september 2018.
Dessuten er det krevende å forstå denne meldingen, her kommer det transer ved kjøpsopsjon.
...."Elementet kan utøve kjøpsopsjonen gjennom én eller flere transjer. Den første transjen må minimum utgjøre EUR 15 000 000 og må utøves innen 30. juni 2019.Utøvelse av senere transjer må skje innen 31. desember 2019. Dersom den førstetransjen ikke er utøvd innen 30. juni 2019, vil kjøpsopsjonen bortfalle.
Opsjonsavtalen er betinget av at Element betaler et forskudd på EUR 3 000 000 innen 30 september 2018.