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PALLINGHURST RESOURCES LIMITED - PRESS ANNOUNCEMENT
HAMILTON, Bermuda - 26 November, 2009 - Pallinghurst Resources Limited (Ticker: PALLRES.BH) has informed the Bermuda Stock Exchange (BSX) of an update on the proposed OM Holdings Limited ("OMH") Tshipi Transaction announced on 28 September, 2009.
The following updates the Company's SENS announcement of 28 September, 2009:
- The acquisition by OMH of a 20% stake in Ntsimbintle Mining (Pty) Limited ("Ntsimbintle"), the owners of 50.1% of Tshipi é Ntle Manganese Mining (Pty) Limited ("Tshipi"), is now likely to proceed on the basis that OMH will acquire a 26% stake in Ntsimbintle for approximately AUD 64 million (the "OMH Ntsimbintle Transaction") and not the initially proposed 20% stake;
- The Company welcomes the potential investment by OMH into Ntsimbintle, which will allow Ntsimbintle to fully meet its share of the Tshipi development costs;
- OMH and the Pallinghurst Co-Investors have not been able to reach agreement on the acquisition by OMH of a 49.9% stake in Tshipi from the Pallinghurst Co-Investors for the issue of 139,906,729 shares;
- The Pallinghurst Co-Investors, Ntsimbintle and OMH will continue to discuss ways in which OMH may increase its effective interest in Tshipi over time.
Background to the Company's existing investment in Tshipi
Tshipi is 50.1% owned by Ntsimbintle and 49.9% by the Pallinghurst Co-Investors. The Company currently owns a 9.98% indirect interest in Tshipi, which is part of the 49.9% Pallinghurst Co-Investor stake.
Additional information may be found on the Company's website, www.pallinghurst.com.
First Bermuda Group
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