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Jeu 14 Avr 2011 08:27
Vale South Africa to take over Metorex Group
Thu 14 Apr. 2011, 04:00 CAT [171 Reads, 0 Comment(s)]
VALE South Africa is set to take over Metorex Group Limited, the company currently running Chibuluma Mines Plc in Kalulushi.
But some employees at the mine have expressed fears over the impending ‘take over’ claiming that they might lose out on the contributions they had been making to their respective pension schemes.
A letter addressed to all Metorex employees from their chief executive officer Terence Goodlace confirms that Vale and Metorex have agreed the terms on which Vale will make a cash offer to acquire the entire issued and yet to be issued ordinary share capital of Metorex which if implemented would result in Vale becoming the registered and beneficial owner of Metorex.
“The cash offer of R7.35 per Metorex share is to be implemented by way of a scheme arrangement in terms of section 114 of the South African companies Act proposed by Vale between Metorex and its shareholders and by way of a separate general offer to the holders of options to acquire Metorex shares,” the letter reads.
“Please keep in mind that Vale is making an offer to our shareholders-it is still for our shareholders to decide whether they wish to accept the offer and even then, the transaction will need various conditions (including regulatory approvals) to be fulfilled before completion.”
The letter added that the intention to acquire Metorex was consistent with Vale’s goal of becoming one of the largest copper producers in the world and was expected to create significant shareholder value.
But Chibuluma Mine Plc employees said they were worried about how Vale was going to honour the contributions that the employees had been making in the past.
“At Chibuluma Mine, there are two options given, it’s either an employee can belong to severance package which is two months pay for each year served or they can belong to Saturnia Regna where they can be making their monthly contributions, now our worry is that if these people Vale take over, how are they going to honour these contributions?” a worker asked.
“Are they going to continue with the same arrangement they will find, or are they going to pay those in severance package their money or what?”
The workers urged management to clearly explain how the issue of their contributions would be handled as it had created anxiety.
