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EQS-Adhoc: SunMirror AG: MERGERS & ACQUISITIONS: TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL

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EQS-Ad-hoc: SunMirror AG / Key word(s): Miscellaneous
SunMirror AG: MERGERS & ACQUISITIONS: TAKEOVER PROCEDURE OF LATITUDE 66
COBALT LIMITED WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL

05-Jul-2022 / 17:07 CET/CEST
Correction of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by EQS – a service of EQS Group
AG.
The issuer is solely responsible for the content of this announcement.

══════════════════════════════════════════════════════════════════════════

CORRECTION OF PUBLICATION OF INSIDER INFORMATION ACCORDING TO ARTICLE 17
OF REGULATION (EU) 596/2014 (MARKET ABUSE REGULATION – MAR)

MERGERS & ACQUISITIONS: TAKEOVER PROCEDURE OF LATITUDE 66 COBALT LIMITED
WILL MORE LIKELY THAN NOT BE UNSUCCESSFULL

INVESTOR HAS NOT PAYED AS AGREED / INDEPENDENT DIRECTORS OF LATITUDE 66
COBALT LIMITED CHANGE THEIR RECOMMENDATION FROM ACCEPT TO DECLINE
/LATITUDE 66 COBALT LIMITED DIRECTORS WITHDREW THEIR ACCEPTANCE OF THE
OFFER

 

Zug, Switzerland: 05.07.2022. On 05.07.2022, 09:35 (CEST), SunMirror AG
published a German-language and English-language Ad-Hoc Publication on the
unsuccessful termination of the takeover process of Latitude 66 Cobalt
Limited (Lat66), which was sent via the EQS publication platform to both
electronic distribution systems and European media.

 

The date of the Ad-hoc-Publication is 05.07.2022 and not, as outlined in
the Ad-hoc-Publication-04.07.2022. In addition, the Ad-Hoc Publication is
hereby corrected and replaced by the following:

 

SunMirror AG („SunMirror“; Xetra; Vienna: ROR1; ISIN CH0396131929)
announces that the previously pursued acquisition of Latitude 66 Cobalt
Limited („Lat66“) will end on July 12, 2022.

 

To date, SunMirror has been unable to fulfil the condition of raising EUR
70 million in additional capital in the agreed and repeatedly extended
timeframe as part of the takeover of Lat66. The investor who bindingly
subscribed to the EUR 70 million authorized capital (see press release of
30.11.2021), only paid in a partial amount. Thus, the capital increase
from the authorized capital had to be omitted to the extent to which the
performance of the capital increase amount was omitted.

 

Furthermore, the Independent Directors of Lat66 have withdrawn their
recommendation that Lat66 Shareholders accept SunMirror (Luxembourg)
S.A.’s offer to acquire all of the shares in Lat66 (the “Offer”). The
Independent Directors now recommend that Lat66 Shareholders reject the
Offer and withdraw their acceptance.

 

Accordingly, the Lat66 Directors who have accepted the Offer have
withdrawn their acceptance of the Offer in respect of Lat66 Shares they
own or control. To date the acceptance rate is at 62.19%, thus, SunMirror
now believes that it is more likely than not that the minimum acceptance
condition (90% acceptance, by number, of all Lat66 shares) may not be
fulfilled at the end of the offer period, being July 12, 2022 (“Offer
Period”). If this condition is not fulfilled at the end of the Offer
Period, all acceptances received would be void.   

 

The – non-recoverable – costs for the acquisition of Lat66 total EUR 10.0
million, of which EUR 4.0 million have already been recognised and fully
written off in the half-year financial statements as at 31.12.2021.

 

 

 

 

 

About SunMirror AG

The SunMirror Group invests in strategic exploration projects with a focus
on green battery metals such as cobalt, lithium and nickel, as well as
iron ore and gold deposits in developed markets. The aim is to either mine
metals itself or sell these projects to strategic buyers at a later stage.
In doing so, SunMirror differentiates itself from other market
participants through a mine-to-market sustainability approach across the
entire value chain and thus becomes the originator of best practice in the
mining sector.

 

The Company’s shares (ISIN CH0396131929) are listed on the Vienna Stock
Exchange (official trading, ticker: ROR1) and on the OTC markets of the
Frankfurt Stock Exchange, the Düsseldorf and Berlin stock exchanges
(ticker: ROR) and are also traded on and Xetra. Further information can be
found at: www.sunmirror.com.

 

 

Contact

Dr. Reuter Investor Relations
Dr. Eva Reuter

Office Frankfurt
Friedrich Ebert Anlage 35-37
Tower 185
60327 Frankfurt – Germany
Tel: +49 (0) 69 1532 5857

Office Münster
Oststrasse 12b
48145 Münster – Germany

══════════════════════════════════════════════════════════════════════════

05-Jul-2022 CET/CEST News transmitted by EQS Group AG. www.eqs.com

══════════════════════════════════════════════════════════════════════════

Language: English
Company: SunMirror AG
Steinhauserstrasse 74
6300 Zug
Switzerland
E-mail: [email protected]
Internet: https://www.sunmirror.ch
ISIN: CH0396131929
WKN: A2JCKK
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt,
Tradegate Exchange; Vienna Stock Exchange (Official Market)
EQS News ID: 1391289

 
End of Announcement EQS News Service

1391289  05-Jul-2022 CET/CEST

OTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS. www.ots.at
© Copyright APA-OTS Originaltext-Service GmbH und der jeweilige Aussender

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