JOHANNESBURG, July 4, 2014 /CNW/ - Investec Bank Limited ("Investec") reports that Investec received a restructuring fee which included the
issuance of 34,817,237 common share purchase warrants ("Warrants") of Forbes & Manhattan Coal Corp. ("Forbes & Manhattan"). The Warrants were issued in connection with the restructuring of
the senior secured loan and revolving facility between Investec and
Forbes Coal (Pty) Ltd., a subsidiary of Forbes & Manhattan. Details of
the restructuring are set out in the Amended Management Information
Circular of Forbes & Manhattan dated May 27, 2014 and available on
SEDAR at www.sedar.com.
If the Warrants were exercised in full, Investec would own 34,817,237
common shares of Forbes & Manhattan which would represent 46% of the
issued and outstanding common shares of Forbes & Manhattan.
Immediately prior to the acquisition of the Warrants, Investec did not
own, directly or indirectly, any securities of Forbes & Manhattan.
Investec will evaluate its investment in Forbes & Manhattan from time
to time and may, based on an evaluation of market conditions and other
circumstances, exercise some or all of the Warrants, or purchase or
sell securities of Forbes & Manhattan. The Warrants were acquired in
reliance upon the accredited investor exemption under section 2.3 of
National Instrument 45-106 - Prospectus and Registration Exemptions.
For further information and to obtain a copy of the early warning report
filed under applicable Canadian securities laws in connection with the
transactions hereunder, please see Forbes & Manhattan's profile on the
SEDAR website at www.sedar.com.
SOURCE: Investec Bank Limited
For further information:
Peter Ford - Head of Resource Finance
Telephone +27 11 286 8042
Investec Bank Limited
100 Grayston Drive
Sandton, Johannesburg 2196