Update on Proposed Redomicile to Bermuda (0191A)
25 January 2011 - 6:00PM
UK Regulatory
TIDMSLV
RNS Number : 0191A
Sylvania Resources Ltd
25 January 2011
Sylvania Resources Limited ('Sylvania Resources' or the
'Company')
ASX, AIM: SLV
Update on proposed redomicile to Bermuda, ASX listing and AIM
admission
Sylvania Resources is pleased to announce that the pre-admission
announcement plus appendix in connection with the proposed
admission of the new Bermudian incorporated holding company of the
Sylvania Resources group, Sylvania Platinum Limited ("Sylvania
Platinum"), to trading on AIM ("Schedule 1 Announcement"), has
today been provided to the London Stock Exchange. Copies of the
Schedule 1 Announcement are available for download from the
Company's website (www.sylvaniaresources.com).
Defined terms in this announcement have the same meaning as
those defined in the
announcement made by the Company on 18 January 2011.
The Schedule 1 Announcement makes reference to previously
unpublished information including the following which are available
from the Company's website:
1) a Competent Person's Report produced by Venmyn Rand (a
summary of which is set out in Annex 5 to the Scheme Booklet dated
18 January 2011 ("Scheme Booklet")); and
2) the Scheme Booklet, which includes information on Sylvania
Platinum and Bermudian law together with a current trading update
and unaudited financial information for the four months to 31
October 2010, in respect of Sylvania Resources.
Despatch of the Scheme Booklet
The Company has now completed despatch of the Scheme Booklet to
Sylvania Resources shareholders and holders of Sylvania Resources
DIs.
Timetable
As outlined in the Company's announcement on 18 January 2011, a
shareholder meeting to approve the Scheme is due to be held at
11.00am (western standard time) on 2 March 2011.
If the resolution considered at that Scheme meeting
is approved, the Company expects the following events
to occur:
Court hearing for approval of the Scheme 8 March 2011
Effective Date 9 March 2011
Last day of trading on ASX and cancellation of trading 9 March 2011
on AIM of Sylvania Resources Shares
Commencement of trading of Sylvania Platinum Shares 10 March 2011
on ASX on a deferred settlement basis
Implementation Date - issue of Sylvania Platinum Shares 17 March 2011
and Sylvania Platinum DIs pursuant to the Scheme
Last day of deferred settlement trading of Sylvania 23 March 2011
Platinum Shares on ASX
Sylvania Platinum Shares begin trading on ASX on a 24 March 2011
normal settlement basis
Admission and dealings in Sylvania Platinum Shares 24 March 2011
commence on AIM with holders of Sylvania Platinum
DIs settling trades on AIM in CREST
This timetable is indicative only. The actual timetable will
depend upon the time at which the conditions precedent to the
Scheme, including conditions relating to receipt of regulatory
approvals, are satisfied or if applicable, waived. Those conditions
are summarised in section 1.6(a) of the Scheme Booklet and the
Appendix to the Schedule 1 announcement. Any variation to the
timetable set out above will be announced by the Company and
published on Sylvania Resources' website.
-End-
For further information please contact:
In South Africa Terence McConnachie (CEO Sylvania Resources
Limited) (+27 11) 673 1171
Louis Carroll (FD/Joint Company Secretary) Sylvania Resources
Limited (+27 11) 673 1171
In Australia
Richard Rossiter (Chairman) Sylvania Resources Limited
(+614) 1868 8338
Grant Button (Director/Joint Company Secretary) Sylvania
Resources Limited (+618) 9226 4777
In United Kingdom Richard Brown/Ben Wright Ambrian Partners
Limited +44 (0) 20 7634 4700
Laurence Read/Beth Harris
Threadneedle Communications
+44 (0) 20 7653 9855
This information is provided by RNS
The company news service from the London Stock Exchange
END
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