Toledo Mining Corporation (TMC) On October 23, 2012, DMCI Mining Corporation (DMC) purchased from Daintree Resources Limited 8,480,250 common shares representing 17.01% ownership in TMC for GBP 3.4 million or P=226.90 million. TMC is an investment holding company incorporated in England and Wales on May 29, 2007 and is engaged in ore and mineral mining and exploration. TMC has strategic interests in two privately owned nickel companies in the Philippines, Berong Nickel Corporation and Ipilan Nickel Corporation. In 2013, DMC increased its interest in TMC by acquiring additional shares through a mandatory cash offer to TMC’s shareholders. As of December 31, 2013, DMC holds 49,148,335 shares and voting rights representing 98.06% of voting rights. Delisting of TMC’s shares in the London Stock Exchange (AIM) On December 12, 2013, TMC’s shareholders passed the resolution to cancel the admission of trading of TMC’s ordinary shares on the AIM (delisting). The last day of dealings in ordinary shares on AIM is on December 19, 2013 while the date of cancellation of admission to trading on AIM is on December 20, 2013. Changes in the Board composition in TMC On December 20, 2013, DMC has acquired majority seats in the Board of TMC. For the year ended December 31, 2012, at 17.01% ownership, TMC was considered to be an associate under the previously existing PAS 28, and was accounted for using the equity method. With the additional subscription of 81.05% and upon adoption of PFRS 10, the Group assessed that it has control over TMC. The assets, liabilities and equity of TMC have been consolidated in the financial statements of the Group on December 20, 2013, the date control has been obtained Acquisition of TMC’s associates Upon consolidation of the net assets of TMC, the Group has obtained the following investments in associates: a. TMM Management, Inc. (TMI) b. Ulugan Resources Holdings, Inc. (URHI) c. Ulugan Nickel Corporation (UNC) d. Berong Nickel Corporation (BNC) e. Nickel Laterite Resources, Inc. (NLRI) f. Ipilan Nickel Corporation (INC) The Group assessed that its interest over these entities only allows it to exercise significant influence.
Posted on: Tue, 24 Jun 2014 19:55:36 +0000
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