Aquarius Platinum Ld (AQP.L) and Ridge Mining Plc. (RDG.L, RDGMF.PK) announced that they expect to sign an implementation agreement in connection with the Acquisition prior to 27 March 2009.
Under the terms of the Implementation Agreement, Aquarius would agree to make an all share offer for the entire issued share capital of Ridge at an exchange ratio of 1 Aquarius share for every 2.75 Ridge shares in issue.
At an exchange ratio of 1 Aquarius Share for every 2.75 Ridge Shares the terms of the Acquisition value the entire existing issued and to be issued ordinary share capital of Ridge at about £63 million. This represents an implied price of 66.9 pence for each Ridge Share, based on 184.0 pence per Aquarius Share, being the closing price on the London Stock Exchange on 25 March 2009, the last practicable date prior to this announcement.
It is expected that, subject to execution of the Implementation Agreement and the satisfaction or, where relevant, waiver, of the Pre-Conditions and the conditions to the Scheme, the Scheme will become effective and the Acquisition will complete during mid to late 2009.
On 12 and 13 February 2009, Aquarius Platinum Limited and Ridge Mining made announcements confirming that they had been in discussions regarding a possible all share offer by Aquarius for Ridge.
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