As part of its restructure and recapitalisation, contract miner eXtract Group’s wholly-owned subsidiary MCC Contracts will remain indebted to enX Group for R250-million, with the remaining R1.87-billion MCC owes to enX to be repaid by enX subscribing for new ordinary shares in MCC. enX then plans to dispose of these new MCC shares to eXtract for an equivalent number of new shares in eXtract in an asset for share transaction. enX will subsequently unbundle all of its eXtract shares to its shareholders in a ratio of 21.39799 eXtract shares for each enX share.
