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MMG Limited (MMG, the Company) (HK.1208) today announced a proposed Rights Issue to raise approximately US$1,164 million[1] before expenses, by way of the issue of 2 new shares for every 5 shares held for a subscription price of HK$2.62 per share.
The net proceeds of the Rights Issue will be used to repay existing debt, which will allow the Company to better support the ongoing development of the Company’s operating mines.
MMG CEO Liang Cao commented:
“The proposed Rights Issue completes our funding plan for the Khoemacau acquisition. This strategic move is expected to bring our gearing level down to approximately 44%, deliver immediate interest cost savings and provide greater flexibility to fund future growth initiatives.”
Mr Cao said that the Rights Issue structure allows MMG’s existing shareholders to both participate in and benefit from a stronger balance sheet.
Minmetals HK (67.5% shareholder) has signed an irrevocable commitment for the full acceptance of their provisional entitlement, with remaining shares fully underwritten.
The last day for dealing in MMG Shares on a cum-rights basis is Friday, 7 June 2024 with a Record Date of Wednesday, 19 June 2024. The Prospectus containing further information in relation to the Rights Issue and financial and other information relating to the Group is expected to be dispatched to Qualifying Shareholders on or before Thursday, 20 June 2024.
Please find the full copy of the Announcement available for download here, and the presentation slide pack, which includes an overview of the transaction, can be accessed here.
About MMG
Founded in 2009, MMG’s vision is to create a leading international mining company for a low carbon future. The company is headquartered in Melbourne, Australia and listed on the Hong Kong Stock Exchange (HKEX1208). MMG operates and develops copper, zinc and other base metal projects across Australia, Botswana, the Democratic Republic of Congo and Peru.
MMG Limited invites you to attend its rights issue Investor webcast.
MMG’s CEO Mr Cao Liang will highlight key aspects of the rights issue, with the opportunity to ask questions.
The presentation will be available through audio webinar and teleconference using the details below:
Date: Tuesday, 4 June 2024
Time: 14:00 HKT (16:00pm AEST)
Webinar URL: https://webcast.openbriefing.com/mmg-id-2024/
PLEASE NOTE: The presentation will be available for dial-in and audio webinar.
Slides will be uploaded to www.mmg.com in advance of the presentation and will also be broadcast to participants via the above URL. Participants will have the option to select either English or Chinese language slides at the beginning of the webcast.
Should you wish to participate in the Q&A you will need to use the dial-in option.
Dial-in Instructions:
All participants must pre-register for the call at the link below:
https://s1.c-conf.com/diamondpass/10039361-3yiah9.html
You will receive a calendar invite, the telephone dial-in details and a unique code, which is to be quoted when dialling into the call.
To avoid delays, please dial in 5 to 10 minutes before the scheduled start time ready for entry into the conference.
Please note that your line will be muted during the presentation, but you will have the opportunity to ask questions at the end.
To ask a question, you will need to dial “*1” (star, 1) on your telephone keypad.
*The conference will be delivered in English.
[1] Approximately HK$ 9,079 million before expenses at 7.80 HKD to USD exchange rate.