LONDON (ShareCast) - Niger Uranium (LSE: URU.L - news) plans to distribute the majority of its stake in the uranium and copper mine developer
Kalahari Minerals (LSE:
KAH.L -
news) .
Shareholders in Niger will receive 20.66 Kalahari shares for every 100 Niger shares they own. The record date for the distribution is 24 November (Frankfurt: A0Z24E - news) .
The Niger share price rose 15% to 36.75p. Kalahari shares ended the week at 179.75p. That means that the distribution is worth just over 37p a Niger share.
The whole Kalahari stake cost £7.47m in cash and 17m Niger shares.
Niger will retain 2.68m shares in Kalahari, worth £4.82m. It also has eight exploration licences in Niger.
Niger has cash in the bank of £1.4m and could receive a further £4.29m if option holders exercise the options in order to get their share of Kalahari shares.
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