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20 September 2017
Volcan Investments Ltd announces a further investment in Anglo American plc
Volcan Investments Ltd ('Volcan'), announces today that it intends to make a further investment in Anglo American plc shares of £1.25 billion to £1.5 billion. This is in addition to Volcan's current 12.43% voting interest* in Anglo American plc.
Volcan intends to finance the investment in Anglo American plc shares through the issuance by Volcan Holdings II plc (the 'Issuer'), a wholly owned subsidiary of Volcan, of a mandatory exchangeable bond, led by J.P. Morgan as Sole Bookrunner, on or around 10 October 2017 ("Closing Date") that will be secured by Anglo American plc shares.
Volcan and the Issuer intend to purchase the Anglo American plc shares in the market via a combination of purchases from investors in the mandatory exchangeable bond and on market purchases, subject to certain conditions, until or close to the Closing Date.
Volcan is a holding company wholly owned by the Agarwal family trust and this is a personal investment made by the family trust of Mr. Anil Agarwal.
Mr. Anil Agarwal said:
"We are encouraged by the performance of Anglo American since our original investment earlier this year. The company has made good progress in its operational and financial performance and remains an attractive investment for our family trust."
In relation to the U.K. Takeover Code, Volcan confirms that it does not intend to make an offer to acquire Anglo American plc. Accordingly, Volcan and all persons acting in concert with Volcan, including Vedanta Resources plc, will be bound by the restrictions in Rule 2.8 of the Code.
No offer or invitation to acquire any securities is being made pursuant to this announcement. The distribution of this announcement in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required by Volcan and the Issuer to inform themselves about, and to observe, any such restrictions.
The securities referred to in this announcement (the "Securities") are not being, and will not be, offered or sold in the United States or to, or for the benefit of any U.S. person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")). Nothing in this announcement constitutes an offer to sell or the solicitation of an offer to buy the Securities in the United States or by any U.S. person or in any other jurisdiction. The Securities have not been and will not be registered under the Securities Act and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except in accordance with the Securities Act.
No action has been or will be taken in any jurisdiction in relation to the Securities to permit a public offering of securities.
* After excluding those shares in which voting rights have been waived.
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