AREVA completes the disposal of its stake in La Mancha Resources Inc.
AREVA / GROUP
August 28, 2012
Within the framework of the takeover bid launched by Weather Investment II on all the shares of La Mancha Resources Inc., AREVA has sold its entire stake of about 63% in La Mancha for around 315 million Canadian dollars.
The offered price by Weather Investments II of 3.50 Canadian dollars per share, subsequent to the agreement reached with La Mancha, represents a premium of around 55.6% over the closing price of La Mancha's shares on the Toronto Stock Exchange on July 12, 2012, immediately prior to the announcement of the takeover bid, and a premium of 43.1% as compared to the 20-day volume weighted average price as at July 12, 2012 of the Company’s common shares.
The disposal of AREVA’s stake in La Mancha Resources Inc. is in line with the “Action 2016” strategic action plan launched by the group in December 2011. The proceeds of this sale, which should be received in the next few days, will enable AREVA to continue reducing its debt and help to finance its strategic and safety investments.