Acquisition by Avmin of a 13.7% interest in Iscor Limited and formation of an alliance with IDC
1 February 2001
Johannesburg, 1 February, 2001: Acquisition by Avmin of a 13,7% interest in Iscor Limited (“Iscor”) and formation of an alliance with Industrial Development Corporation of South Africa Limited (“IDC”)
Acquisition by Avmin of a 13.7% interest in Iscor
The Board of Directors of Avmin wishes to announce that the Company has acquired through the open market 35 293 300 ordinary shares in the issued share capital of Iscor (equivalent to 13.7%) for a cash consideration of R490.6 million (“the acquisition”).
The financial effects of the acquisition on the headline earnings and net asset value per Avmin share are immaterial.
The Board of Avmin believes that, at current levels, Iscor’s share price does not reflect that company’s full potential value, making it an attractive investment opportunity with substantial turnaround possibilities.
Formation of an alliance with IDC
IDC and Avmin, which together hold almost 26% of the ordinary shares in Iscor, have entered into an alliance, in terms of which Industrial Development Corporation of South Africa Limited and Avmin will work in concert to consider all options for unlocking value in Iscor.
Further announcements will be made as and when appropriate.
General Manager, Investor Relations