n">Dec 11 Business Rescue Practitioners:
* Transaction will allow BRPs to concurrently terminate business rescue proceedings of Optimum Holdings and Optimum Mine
* Proceeds of which will be used to part settle existing bank debt of Optimum Holdings of approximately 2.55 billion rand
* Glencore Plc has agreed to advance about 400 million rand to Optimum in order to settle balance of bank debt so that deal can be implemented
* Deal will preserve abouty 500 permanent jobs at Optimum Mine, coal supply to Eskom's Hendrina power station, in Mpumalanga
* Expected that following such termination, Optimum Mine will continue to operate in ordinary course of business
* Tegeta will pay a consideration of about 2.15 billion rand for assets of Optimum Holdings
* BRPs are of view that current offer from Tegeta presents most compelling option for all stakeholders of Optimum Holdings
* Tegeta will assume responsibility for financing operations of Optimum Mine with effect from 1 January 2016 (Bengaluru Newsroom: +91 80 6749 1136)
.