Newmont eyes final 4% of Normandy shares

Having acquired more than 90% of Normandy’s outstanding shares, Newmont Mining (NEM-N) plans to “promptly” exercise its rights under Australian law and compulsorily acquire all of the shares of Normandy that it does not now 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 Feb. 26, 2002, at which time it had amassed more than 96% of Normandy’s outstanding shares.

Back on Feb. 17, with more than 50% of Normandy shares in hand, Newmont wrapped up its acquisition of Toronto-based Franco-Nevada Mining and declared its bid for Normandy unconditional.

On Feb. 19, Franco-Nevada was 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 ratio of 0.8-to-1.

On Wednesday, Newmont 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. A dividend of the same amount was previously declared with respect to the Newmont common stock that the exchangeable shares can be exchanged for.

In late afternoon trade on the New York Stock Exchange on Wednesday, Newmont shares were off US49 at 24.12. The company’s exchangeable shares were down 63 to $38.90 on the TSE.