CALGARY, ALBERTA--(Marketwire - July 8, 2008) - Anglo Potash Ltd. ("Anglo Potash") (TSX VENTURE:AGP) announced today that its securityholders approved a plan of arrangement whereby BHP Billiton Diamonds Inc. ("BHP Billiton") will acquire all of Anglo Potash's issued and outstanding common shares. The arrangement was approved by approximately 99% of Anglo Potash's securityholders present in person or represented by proxy at the special meeting called to consider the arrangement.
The arrangement provides that shareholders will receive $8.15 in cash for each common share. Court approval of the arrangement will be sought at a hearing scheduled for today. If court approval is received and all other customary conditions are satisfied and/or waived, the arrangement is expected to be completed on or about July 10, 2008.
Todd Montgomery, President and Chief Executive Officer of Anglo Potash said, "On behalf of the Board of Directors and management of Anglo Potash, I thank our shareholders for the overwhelming support they have shown over the years."
About Anglo Potash
Anglo Potash is a mineral exploration and development company focused on developing a potash mine in Saskatchewan, Canada. Anglo Potash entered into a joint venture (the "JV"), with BHP Billiton pursuant to which Anglo Potash holds a 25% interest (through its wholly owned subsidiary Prairie Potash Corp.) and BHP Billiton holds a 75% interest in the JV, with BHP Billiton being the operator of the JV. The JV holds 32 potash permits, some of which are pending, covering over 1.8 million acres of lands.
About BHP Billiton
BHP Billiton Diamonds Inc. is a subsidiary of the BHP Billiton Group. BHP Billiton is the world's largest diversified natural resources company, with some 39,000 employees across 100 operations in approximately 25 countries. Its operations encompass a broad range of commodities including aluminium, energy coal, metallurgical coal, copper, manganese, iron ore, uranium, nickel, diamonds, silver and titanium minerals, oil, gas, and liquefied natural gas.
In 2007, BHP Billiton generated turnover of US$47.5 billion, and attributable profit (excluding exceptional items) of US$13.7 billion.
BHP Billiton is dual listed on both the Australian and London stock exchanges, with its headquarters in Melbourne, Australia.
This press release contains a forward-looking statement relating to the expected closing of the plan of arrangement. This statement involves an assumption that court approval will be obtained at the court application today and other closing conditions will be satisfied or waived. Court approval and closing conditions are subject to known and unknown risks and uncertainties, certain of which are beyond Anglo Potash's control, including: the court approval being subject to judicial consideration and the closing conditions being subject to actions of third parties, events causing a material adverse effect on the business of Anglo Potash and BHP Billiton having deposited with the depositary funds necessary to effect payment in relation to the contemplated transaction. These risks and uncertainties are not exhaustive. For more information on the court approval and the closing conditions, please refer to the Information Circular mailed by Anglo Potash in connection with the plan of arrangement which can be found at www.sedar.com. The closing and the timing of closing could differ materially from those expressed in such forward-looking statement and, accordingly, no assurances can be given that the closing will transpire on July 10, 2008 or at all.
FOR FURTHER INFORMATION PLEASE CONTACT:
Anglo Potash Ltd. Todd Montgomery President and CEO (403) 228-0607
or
Anglo Potash Ltd. Corey Giasson Vice President, Business Development and Investor Relations (306) 651-4407
or
BHP Billiton Diamonds Inc. Tracey Whitehead, Investor & Media Relations US (713) 599-6100 or UK +44 20 7802 4031 Mobile: +44 7917 648 093 Email: Tracey.Whitehead@bhpbilliton.com
or
BHP Billiton Diamonds Inc. Suite 800, Four Bentall Centre 1055 Dunsmuir Street Vancouver, British Columbia V1X 1L2
or
Morgan Stanley Richard H.M. Robinson Executive Director (212) 761-3307 Email: richard.hm.robinson@morganstanley.com
or
TD Securities Ewan Mason (416) 308-3099 Email: ewan.mason@tdsecurities.com
The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release