The Board considers the Acquisition to be in the best interests of ENRC Shareholders as a whole. Accordingly, the Board unanimously recommends ENRC Shareholders to vote in favour of the Resolution at the General Meeting.
Commenting on the proposed transaction, Felix J Vulis, Chief Executive Officer of ENRC, said: "Consolidating our ownership of Camrose will be an important step forward for the Group, enabling us to gain maximum benefit from the development of these assets and to continue to support our strategy and ambition of becoming a material African copper producer."
Mehmet Dalman, Chairman of ENRC, said: "This transaction will successfully complete our long term strategy of consolidating our African copper and cobalt interests, enabling us to take full control and responsibility for these assets to deliver significant value to our shareholders. This transaction is an integral part of the corporate governance and company structure optimisation which I set as a key priority when I assumed chairmanship. The transaction creates one of the largest copper producers in the African copperbelt, targeting in excess of 200 thousand tonnes per annum of copper over the next 5 years".
There will be a conference call to discuss the proposed transaction at 9:30am on Monday, 10 December 2012. The dial-in number is +44(0)20 3140 8286 and the pass code is 8407438.Additional Information Camrose Summary Financial Information: The gross assets of Camrose as at 31 December 2011 were US$305 million and as at 30 June 2012 were US$326 million. For the year ended 31 December 2011 and for the six month period ended 30 June 2012 (unaudited), the Camrose group made a loss after tax of US$21.8 million and US$14.8 million respectively. Key Individuals: The key individuals important to the Camrose group are as follows: Africo: