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Weatherly (WTI) is an AIM listed mining, development and exploration Company focusing on Copper in Namibia. The copper portfolio includes the following assets in Namibia: two mines named Otjihase and Matchless which are in production, Tschudi - an open pit SX-EW development project which is in financing phase, the Tsumeb Tailings...Read more
UPDATE: Weatherly International reveals final plans for China Africa Resources flotationJuly 18 2011, 1:45pm
UPDATED: To reflect the company's latest announcement
Namibia-focused copper producer Weatherly International (LON:WTI) has revealed the final details about the admission of China Africa Resources to the Alternative Investment Market and the distribution of CAR shares to Weatherly investors.
Weatherly, which is transferring its Berg Aukas lead-zinc asset to CAR, said that the planned flotation of CAR on AIM is now scheduled for the beginning of August. There will be a distribution by Weatherly to its existing shareholders of approximately 2.3 million shares in CAR, representing around 10 percent of the CAR share capital on its admission to London’s junior stockmarket.
This ‘dividend in specie’ will be made on the basis that for every Weatherly share held, a Weatherly shareholder will be entitled to 0.0043 of a share in CAR.
The firm added that shareholders with fewer than 300,000 shares, as well as any Weatherly shareholders based in the US or Canada, shall receive a cash dividend based on the cash equivalent value of the dividend in specie of £0.001 per ordinary share.
The dividend in specie will be payable to those shareholder who are on the company’s register at 25 July 2011. Weatherly shares will be marked ex-dividend on 1 August.
Weatherly’s shares were trading down 1.3 percent at 9.13 pence each at 8:21am today.