Niger distributes Kalahari shares

30th Oct 2009 18:30

Niger Uranium plans to distribute the majority of its stake in the uranium and copper mine developer Kalahari Minerals. 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. 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.