The world’s fifth-largest gold miner, Harmony Gold Mining, on Tuesday announced that it has completed its acquisition of Avgold, following the sanction of the High Court and the order of the court subsequently being registered by the Registrar of Companies.
In terms of the scheme, Harmony will, on Friday May 21 2004, acquire the entire issued share capital of Avgold in return for the issue of one Harmony share for every 10 Avgold shares.
“We are pleased that we have finally concluded the acquisition of Avgold. The inclusion of the Target mine enhances our pipeline of quality growth projects and is another milestone in achieving our short-term production target of four million ounces per annum,” Harmony CE Bernard Swanepoel said.
Friday is the last day to trade for Avgold shareholders wishing to receive the scheme consideration and from Monday next week, Avgold’s shares on the JSE Securities Exchange South Africa will be suspended at commencement of trading.
From Tuesday May 25, Avgold’s shares on the JSE will be delisted at commencement of trading. — I-Net Bridge