IMIC’s $200m acquisition of Afferro advances
JOHANNESBURG (miningweekly.com) – Cameroon-focused iron-ore junior Afferro Mining and investment group International Mining & Infrastructure Corporation (IMIC) have signed a definitive arrangement agreement for the proposed acquisition of Afferro by IMIC.
Subject to a Canadian court-approved plan of arrangement, the agreement would see IMIC acquiring the TSX-V and Aim-listed junior for 120p a share, comprising 80p in cash, and a listed two-year unsecured convertible loan note with a value of 40p and a simple yearly interest of 8%.
The acquisition valued the fully diluted share capital of Afferro at about $200-million.
Afferro chairperson David Netherway said in a statement that the company was pleased to have advanced the deal with IMIC and believed that it offered shareholders a unique opportunity to realise value, particularly in light of broader market conditions.
“The acquisition has been structured to provide a significant cash element and also a deferred element, as IMIC makes progress to provide a robust infrastructure solution for our flagship Nkout project,” he commented.
IMIC chairperson Haresh Kanabar added that he was “delighted” that Afferro's board had acknowledged the “rationale and attractiveness” of IMIC’s offer.
“The combination of IMIC and Afferro is a compelling opportunity that brings
together Afferro's iron-ore assets with IMIC's innovative infrastructure, financing and offtake solution,” he said.
The acquisition remained subject to Afferro and IMIC shareholder approval and other customary conditions.
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