Mineral Commodities takeover of Erebus completed

Welshpool-based Mineral Commodities Ltd's offer for all of the ordinary shares in Erebus Plc has been accepted by holders.
All of the conditions of the offer have now been fulfilled and this completes the takeover of Erebus.

In May, Mineral Commodities launched a takeover bid for all unrelated shares in Erebus plc whose major asset is the ownership of an advanced diamond tailings dump re-treatment project in the African state of Sierra Leone.

At the time, the company held 26.3 per cent of the issued share capital of Erebus. Erebus is a public company incorporated in the United Kingdom.

Below is the announcement:

EREBUS PLC TAKEOVER OFFER COMPLETED
Mineral Commodities Limited ("MRC") gives notice declaring that its offer dated 22 May 2006 for all of the ordinary shares in Erebus Plc ("Erebus") that it does not already own ("the Offer") has been accepted by holders representing 100% of the ordinary shares of Erebus to which the Offer relates.

All of the conditions of the Offer have now been fulfilled and this completes the takeover of Erebus. Accordingly, MRC now has a relevant interest in 100% of the shares in Erebus.

The Company shall now proceed to allot and issue the MRC shares and options to the Erebus shareholders, pursuant to and otherwise in accordance with the terms of the Offer.

As a result of completion of the takeover MRC now assumes full ownership and operational control of Erebus's principal asset, the Kariba Kono diamond tailings re-treatment project in Sierra Leone.