Global Alumina Discloses Discussions Regarding Sale of Company
Thursday October 18, 8:37 am ET
TORONTO, Oct. 18 /PRNewswire-FirstCall/ -- Global Alumina Corporation (the "Company") announced today that it is in discussions with a third party concerning a possible sale of the Company. Discussions have proceeded on the basis of a price of $2.65 per share and are intended to continue on an exclusive basis for a specified period to be agreed. However, the offer price, terms and structure of any potential transaction have not been agreed to by the parties. Any agreement to proceed with a potential transaction would be subject to the prospective buyer's undertaking an extensive due diligence review of the Company, only after which could the offer price be determined. The Company has retained GMP Securities L.P. as financial advisor to assist in evaluating a possible transaction.
This announcement is being made at this time at the request of Market Surveillance on behalf of the Toronto Stock Exchange. Shareholders and others should not assume that this or any other sale transaction will be agreed to or completed at the indicative price or at all.
About Global Alumina
Global Alumina and its joint venture partners are developing a 3.2 million tonnes per annum alumina refinery located in the bauxite-rich region of the Republic of Guinea (the "Sangaredi Refinery Project"). It's joint venture partners are Global Alumina International, Ltd., a wholly owned subsidiary of the Company, BHP Billiton, Dubai Aluminium Company Limited and Mubadala Development Company PJSC. The Sangaredi Refinery 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.
Source: Global Alumina Corporation
Engineering News Archive