Newmont to grab remaining Normandy shares

Having acquired more than 90% of Normandy’s outstanding shares, Newmont Mining (NEM-N) plans to exercise its rights under Australian law and acquire all the shares of Normandy it does not already own.

The Denver-based company expects to complete the acquisitions within the next six weeks.

Holders of shares acquired compulsorily will receive the same consideration as was paid under Newmont’s bid for Normandy, namely A50 and 0.0385 of a Newmont common share for every Normandy share.

Newmont’s bid for Normandy’s shares expired in late February, at which time it had amassed more than 96% of Normandy’s outstanding shares. Earlier, in mid-February, with more than half of Normandy’s shares in hand, Newmont wrapped up its acquisition of Franco-Nevada Mining to render its bid for Normandy unconditional.

Franco-Nevada was subsequently delisted from the Toronto Stock Exchange and its shares replaced by Newmont exchangeable shares under the ticker symbol NMC. Franco shareholders had the option of accepting common or Canadian exchangeable stock at a ratio of 0.8 to 1.

Meanwhile, Robert Champion de Crespigny, formerly Normandy’s president, has declined a seat on Newmont’s board. He still plans to remain active in the Australia’s gold industry.

Newmont has declared a US3-per-share dividend on its Canadian exchangeable shares (nmc-t), payable on March 20, 2002 to shareholders of record on March 6, 2002.

At presstime, on the New York exchange, Newmont shares were off US49 at 24.12. On the TSE, exchangeable shares were down 63 to $38.90.