Serabi Mining plc

 

("Serabi" or the "Company")

Announcement re: preliminary approaches

 

 

The board of Serabi notes the recent price movement in the Company's shares and announces that it is in preliminary discussions with a number of third parties which may or may not result in an offer being made for the entire share capital of the Company or some other transaction relating to the Company's assets taking place. Shareholders of Serabi should be aware that there is no certainty that an offer or other transaction will be forthcoming. A further announcement will be made in due course.

 

Enquiries:

 

Serabi Mining plc

Clive Line                                             +44 (0) 20 7246 6830                                    

 

Numis Securities

John Harrison (Nominated Adviser)      +44 (0) 20 7260 1000

James Black (Corporate Broker)

 

Dealing disclosure requirements

 

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in one per cent. or more of any class of 'relevant securities' of Serabi, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 p.m. (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of Serabi, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of Serabi by Serabi or by the potential offeror, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

 

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the UK Panel on Takeovers and Mergers' (the 'Panel') website at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.