Bushveld Minerals has issued an update to the timetable for the demerger of its tin assets.
The demerger constitutes a sub-division of ordinary shares in the company into ordinary shares and redeemable shares representing 85% of the deemed value of Greenhills Resources Limited, with the redeemable shares being redeemed for such deemed value in return for the company transferring 85% of Greenhills to AfriTin Mining Limited, and AfriTin Mining issuing Bushveld shareholders with new AfriTin shares.
The remaining 15% is retained by the company and which on admission to AIM of AfriTin Mining is be exchanged for AfriTin Mining shares.
It said the proposed issue of new AfriTin Mining share was:
- Redemption date: 9 Nov
- Demerger record date: 8 Nov
- Payment date: 9 Nov
It said that after the issue of new equity in AfriTin Mining it was anticipated that, on admission to AIM, Bushveld Minerals and the Bushveld shareholders would hold a combined interest of 41.9% in AfriTin Mining.
At 8:10am: (LON:BMN) Bushveld Minerals share price was 0p at 9.88p