Qualifying Shares

RNS Number : 3584L

Niger Uranium Limited

05 May 2010

 



For immediate release

5 May 2010

Niger Uranium Limited

("Niger Uranium" or the "Company")

Proposed Demerger of the Group's holding of 10,912,000 Kalahari Shares

Qualifying Shares

On 21 April 2010 Niger Uranium announced that the Company proposed a conditional dividend in specie of 10,912,000 Kalahari Shares. The Special Dividend is conditional, inter alia, on approval by Shareholders at the meeting of Shareholders to be held on 7 May 2010.

For the purposes of the Special Dividend, all Option holders were required to deliver an Exercise Notice to the Company, together with clear funds in respect of the Options the Option holder wished to exercise by not later than 6.00 p.m. on 4 May 2010 (the "Qualifying Shares Deadline"). No options were exercised before the Qualifying Share Deadline.

Accordingly, the total number of Qualifying Shares for the purposes of the Special Dividend amounts to 113,210,056.

The Special Dividend to Qualifying Shareholders will therefore, subject to Shareholder approval, be made on the following basis:

For every 100 Qualifying Ordinary Shares:

9.63 Kalahari Shares

The Special Dividend is equivalent to approximately 16.8p per Qualifying Ordinary Share, based on the Closing Price of Kalahari Shares on 4 May 2010, the last practicable date before the publication of this announcement.

EnquiriesNiger Uranium Limited

David Weill, Chairman               

Tel: [phone]

Nominated Adviser                

Beaumont Cornish Limited

Michael Cornish

Tel: [phone]

 Appendix

The following definitions apply throughout this announcement unless the context requires otherwise:

"Closing Price"	the closing middle market quotations for Ordinary Shares and / or the Kalahari Shares as the context requires, as derived from the AIM Appendix to the Daily Official List of the London Stock Exchange on any particular day;
"Kalahari Shares"	the ordinary shares of Kalahari Minerals owned by Niger Uranium;
"Kalahari Minerals"	Kalahari Minerals PLC, a public company incorporated and registered in England with company number 05294388 whose registered office is at c/o South China Resources PLC 1B, 38 Jermyn Street, London SW1Y 6DN;
"Option holders"	all holders of outstanding Options;
"Options"	all outstanding options and/or warrants over new Ordinary Shares details;
"Ordinary Shares"	the existing issued and outstanding ordinary shares of the Company, each of US$0.01 each, which are admitted to trading on AIM;
"Qualifying Shareholders"	Shareholders on the register of members of the Company at the Record Date;
"Record Date"	The date of entitlement of Qualifying Shareholders to participate in the Special Dividend, being the close of business on 7 May 2010;
"Shareholders"	holders of Ordinary Shares in the Company;
"Share Option Plan"	the share option plan of the Company adopted in February 2008;
"Special Dividend"	the proposed dividend in specie by the Company of the Kalahari Shares to its Shareholders pro rata to their interest in the Company;

ENDS

 

END

 

 

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