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Sep 2003 - ZIM and AQP

ZIM - Still A Spec Buy, AQP - Bid Coming ?

  • This comment contains 3 sections, namely Impala’s comments, Zimplats and Aquarius. Impala’s comments The Implats press release that accompanied their year end results last Thursday (28 August), had a few pointers as to what may happen in the future to AQP and ZIM, namely :
  • There still could be another bid for ZIM or even one for Aquarius Since, according to the press release (available on IMP’s website) Continued rationalisation of structure Implats has continued to rationalise its corporate structure as the opportunity has arisen. The interests in Mimosa and Zimplats have been consolidated for a full year for the first time. Although currently these contributions are small, as Implats’ interest in Zimplats rises and as expansions at both these operations progress, these are expected to become more significant in the future.
  • In the interests of simplifying operational structures and creating clarity for investors, further changes can be expected in the near and medium term, if an analysis of these opportunities proves to be value-enhancing to shareholders.
  • If you had any doubts about ZIM’s actual worth, you only have to read the first paragraph of this section, namely : (non italics are our inserted comments) Although currently these contributions are small, as Implats’ interest in Zimplats rises and as expansions at both these operations progress (Mimosa and Zimplats), these are expected to become more significant in the future. (note : AQP has the other 50% of Mimosa)
  • Written by: Keith Goode
  • Monday, 01 September 2003

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