Global Alumina Announces Substantial Issuer Bid
15 6월 2009 - 10:22PM
PR Newswire (US)
TORONTO, June 15 /PRNewswire/ -- Global Alumina Corporation (TSX:
GLA.U) (the "Company" or "Global Alumina"), a corporation
participating in a joint venture to develop an alumina refinery,
mine and associated infrastructure in the bauxite-rich region of
the Republic of Guinea (the "Project"), announced today that
intends to make a substantial issuer bid (the "Offer") pursuant to
which the Company will offer to repurchase for cancellation up to
US$8 million of its outstanding common shares ("Common Shares")
from shareholders. The Offer will proceed by way of a "Dutch
auction" and the range of offer prices will be US$0.40 to US$0.65
per share. The Dutch Auction tender process allows shareholders to
individually select the price, within the specified range, at which
they are willing to sell all or a portion of their Common Shares.
When the Offer expires, Global Alumina will select the lowest
tendered price from the range of prices (the "Purchase Price")
allowing it to buy up to US$8 million of the Common Shares tendered
to the Offer. All Common Shares tendered at or below the selected
price level will be bought at the Purchase Price, subject to
proration in the event that the aggregate cost to purchase all of
the shares exceeds US$8 million. The Offer will be subject to
conditions typical of transactions of this nature. It is
anticipated that the offer to purchase and issuer bid circular and
other related documents (the "Offer Documents"), containing the
terms of the Offer and the instructions for tendering Common Shares
will be mailed to Shareholders and filed with applicable securities
regulators on July 10, 2009 or as soon as practicable thereafter.
The Offer will remain open for acceptance for at least 35 days
after the date of commencement, unless withdrawn or extended by the
Company. The directors of Global Alumina believe that the purchase
of Common Shares under the Offer represents an effective use of the
Company's financial resources and is in the best interests of its
shareholders as the recent trading price range of the Common Shares
is not fully reflective of the value of the Company's business and
future prospects. The repurchase of Common Shares is not expected
to preclude Global Alumina from pursuing its foreseeable business
opportunities or the future growth of its business. The Company
completed the maximum allowable purchases under its normal course
issuer bid ("NCIB") announced November 25, 2008 as amended on
December 18, 2008. As of December 31, 2008, Global Alumina had
purchased an aggregate of 10.9 million Common Shares at an
aggregate cost of US$5.2 million pursuant to the NCIB. Global
Alumina currently has 195,639,187 Common Shares outstanding. About
Global Alumina Global Alumina and its joint venture partners are
developing a 3.6 million metric tons per annum nominal capacity
alumina refinery located in the bauxite-rich region of the Republic
of Guinea. The joint venture partners in the Project are Global
Alumina International, Ltd., a wholly owned subsidiary of the
Company, BHP Billiton, Dubai Aluminium Company Limited and Mubadala
Development Company PJSC. The Project is one of the most advanced
new projects in Guinea with the refinery already in feasibility
stage and critical path infrastructure and site work already
underway. Global Alumina is positioned to be one of the only
companies focused solely on alumina production and sales. The
Company offers a first mover advantage over other projects in the
region and an opportunity for socially responsible investing in a
country that holds over one-third of the world's bauxite resources.
Global Alumina is headquartered in Saint John, New Brunswick with
operations in Boke, Guinea and has administrative offices in New
York, London, Montreal and Conakry, Guinea. For further information
visit the company's website at http://www.globalalumina.com/.
DATASOURCE: Global Alumina Corporation CONTACT: Michael Cella of
Global Alumina, +1-212-351-0010, ; or Barbara Cano of Breakstone
Group for Global Alumina, +1-646-452-2334, Web Site:
http://www.globalalumina.com/
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