News Column

Mirabela Nickel Limited (Administrators Appointed) - Notice and Letter of Transmittal

June 5, 2014



Perth, AUSTRALIA, June 6, 2014 /CNW/ - Mirabela Nickel Limited (Subject to Deed of Company Arrangement) (Mirabela or the Company) (ASX: MBN) wishes to advise that it has released a Notice and Letter of Transmittal to each of the existing holders of the approximately US$395 million 8.75% notes (Existing Notes).

The Notice is intended to provide holders of Existing Notes with a summary and update about the Proposed Recapitalisation process (refer to the ASX announcement dated 25 February 2014). The Notice provides, amongst other things, instructions about how holders of Existing Notes can receive their entitlement to the restructuring consideration if the Proposed Recapitalisation is implemented and how holders of Existing Notes can receive a Voluntary Offering Instruction (VOI) Number.  Holders of Existing Notes who wish to subscribe for new convertible notes under the prospectus issued by the Company on 26 May 2014 have been asked to include the VOI Number on the application form which accompanies the prospectus.

A distinction is drawn between:

an Eligible Noteholder - a holder of Existing Notes which is, or is acting on behalf of a beneficial owner of Existing Notes which is, a "U.S. person" who is a "qualified institutional buyer" as defined in Rule 144A of the Securities Act (US) or a person who is not a "U.S. person" as defined in Regulation S under the Securities Act (US).   Eligible Noteholders can elect to receive their entitlement to restructuring consideration from the bare trustee or, after contacting the Company and providing evidence satisfactory to the Company of their holding and status as Eligible Noteholders, direct the bare trustee to sell it on their behalf; and



an Ineligible Noteholder - a holder of Existing Notes that is not an Eligible Noteholder.  Their entitlement to restructuring consideration, after contacting the Company and providing evidence satisfactory to the Company of their holding, will be sold by the bare trustee and the net proceeds remitted to them. 

Only Eligible Noteholders need complete the Letter of Transmittal which accompanies the Notice. Ineligible Noteholders and those Existing Noteholders who elect for their entitlement to restructuring consideration to be sold on their behalf by the bare trustee should contact the Company for further information about the bare trustee's sale process by contacting Aaron Swaffield of KordaMentha at aswaffield@kordamentha.com or +61 2 8257 3032.

SOURCE Mirabela Nickel Limited (Administrators Appointed)


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