MMG today announces it has entered into a conditional share sale agreement with EMR Golden Grove Holdings Pty Ltd, an entity owned and managed by EMR Capital, for the purchase of MMG Golden Grove Pty Ltd for US$210 million. The share sale agreement remains subject to satisfaction of conditions precedent including MMG Board approval and receipt of MMG financier consents.
The decision to enter into the conditional share sale agreement has been reached after a sale process which began in August 2016 following a number of informal approaches about the operation.
A deposit of US$15 million has been paid with the balance due on completion. If the conditions precedent are satisfied, completion will occur on the later of 28 February 2017 or 12 business days after all the conditions precedent are satisfied. If completion occurs, economic risk and benefit of the Golden Grove mine will pass to EMR from 1 January 2017.
The Board of MMG will consider the proposed transaction and expects to make a final determination by 31 January 2017.
MMG has engaged Goldman Sachs as its financial advisor and Clayton Utz as its legal counsel on the transaction.
For full details of the transaction see the Hong Kong Stock Exchange announcement.
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MMG CONTACTS:
Jo Lynch
General Manager Corporate Affairs
T +61 3 9288 0027
M +61 411 208 101
E [email protected]
Edward Woodruff
Manager Stakeholder Relations Australia
T +61 3 9284 4256
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Brent Walsh
Investor Relations
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M +61 472 801 133
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Andrea Atell
Media Relations
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M +61 476 830 491
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Maggie Qin
China Relations
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T+61 3 9288 0818
M +61 411 465 468
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EMR CONTACT:
Jason Chang
Managing Director and CEO
EMR Capital
E [email protected]