Press releases

MDM project pipeline shift

Redistribution of MDM Shares by Amari Resources Holdings Limited

20 April 2011

The Company has been informed that Amari Resources Holdings Limited (“AMRL”), which owned 14,097,198 ordinary shares in MDM, representing 37.6 per cent. of the Company’s current issued share capital, has pursuant to the approval of the Company's board in accordance with Article 127 of the Company's articles of association, distributed its entire interest in such ordinary shares to AMRL’s 15 underlying shareholders.

As a result of this distribution, Amari Holdings Limited (an 83% shareholder in AMRL) interest in MDM has increased from 1,566,356 ordinary shares to 11,484,538 ordinary shares, representing 30.7 per cent of the Company's current issued share capital with the remainder of AMRL's interest in the Company being distributed to its remaining 14 underlying shareholders.

The underlying shareholders in AMRL have agreed to enter into orderly market agreements with both the Company and the Company’s Nomad and Broker for a period of 12 months from the date of this announcement. Formal documentation in relation to orderly market arrangements are expected to be entered into shortly.

Key Information:

MDM Engineering Group Limited is a minerals process and project management company focused on the mining industry. The Company provides a wide range of services from preliminary and final feasibility studies, through to plant design, construction and commissioning. To date, the Company's clients have largely been junior and mid-tier mining corporations with operations in Africa.

The MDM Engineering core technical team has a 23 year track record of completing a wide range of studies and execution projects across a variety of minerals, including precious metals, base metals, ferrous and non-ferrous metals, uranium and diamonds.

The Company has adopted an approach to project execution based on an open-book Engineering, Procurement, Construction Management ("EPCM" or ";cost-plus") basis. With a core focus on Africa, MDM Engineering is setting the benchmark standard for best practice in the mining services industry through its commitment to providing the highest quality services and actively engaging with clients to ensure maximum transparency.

Enquiries:

MDM Engineering Group Limited

Martin Smith (CEO)
George Bennett (Executive Director)
Dominique de la Roche (Finance Director)
Tel: +27 (0) 11 993 4300

Collins Stewart Europe Limited

Adrian Hadden
John Prior
Tel: +44 (0)20 7523 8350

 

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