Mondi Demerger
01 June, 2007
Anglo American plc (“Anglo American”) today announces that it is posting documents to its shareholders in relation to the demerger and public listing of its paper and packaging subsidiary, Mondi Group (“Mondi”) (the “Demerger”) and a share consolidation of existing ordinary shares in Anglo American.
As previously announced, the Mondi Group will be demerged as a dual listed company structure (“DLC”), comprising Mondi Limited, a South African incorporated company holding Mondi's African assets, and Mondi plc, a UK incorporated company holding Mondi's non African assets.
Commenting on the Demerger, Cynthia Carroll, Chief Executive Officer of Anglo American, said:
“The Demerger of Mondi represents a major milestone in delivering Anglo American's restructuring programme in becoming a focused global mining company. Mondi has been successfully built into a leading paper and packaging group and is today well positioned to compete on a global basis. I am grateful for the support shown by Mondi management and employees during this transaction and look forward to following the development of the Mondi Group going forward.”
David Hathorn, Chief Executive Officer of Mondi, said:
“The Demerger will be a big step forward for Mondi. Being part of Anglo American has served us well, but the time is right for Mondi to become independent. We believe that being a separately listed Group will create new opportunities and give us added flexibility to take Mondi forward into the next phase of its development.”
An Extraordinary General Meeting of Anglo American to approve the Demerger is scheduled for 4.00 p.m. on Monday, 25 June 2007 and the Court hearing to approve the related capital reduction is scheduled for Monday, 2 July 2007. If the Demerger is approved by Anglo American shareholders and the capital reduction approved by the Court, the ordinary shares in Mondi plc are expected to be admitted to the Official List of the Financial Services Authority and to trading on the London Stock Exchange, and admitted by way of secondary listing to the JSE Limited (the “JSE”) and the ordinary shares in Mondi Limited are expected to be admitted to the JSE (together, “Admission”) on Tuesday, 3 July 2007.