Keras Resources PLC Confirmation of Reduction of Capital (3777S)
06 November 2019 - 6:00PM
UK Regulatory
TIDMKRS
RNS Number : 3777S
Keras Resources PLC
06 November 2019
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
6 November 2019
Keras Resources plc
('Keras' or the 'Company')
Confirmation of Reduction of Capital
Keras Resources plc, an AIM listed mineral resource company, is
pleased to announce that the High Court of Justice (the 'Court')
has made an order approving a reduction of the Company's capital,
under the Companies Act 2006. The reduction comprises the
cancellation of the Company's share premium account (the 'First
Reduction').
Details of the First Reduction were set out in the circular to
the Company's shareholders, dated 27 September 2019 (the
'Circular'), and the proposal was approved by shareholders at a
general meeting of the Company held on 14 October 2019 (the
'General Meeting').
The First Reduction does not change the number of issued
ordinary shares of 0.1 pence each in the capital of the Company,
('Ordinary Shares'), which remains at 2,491,358,439, nor the number
of issued deferred shares of 0.4 pence each in the capital of the
Company ('Deferred Shares'), which remains at 1,193,794,390.
On 19 November 2019, a further hearing is scheduled to take
place in relation to the cancellation and repayment of: (a) all
issued Deferred Shares; and (b) 0.09p of the capital paid up on
each issued Ordinary Share (the 'Demerger Reduction').
The repayment will be by way of transferring 723,750,000
ordinary shares in Calidus Resources Limited ('Calidus Shares')
currently held by the Company to eligible shareholders. Eligible
shareholders will be entitled to receive 1 Calidus Share for every
3.44229 Ordinary Shares registered in their name on the record
date, which is expected to be at 6.00pm on the day of Court
approval of the Demerger Reduction. The transfer of Calidus Shares
to eligible shareholders is expected to take place by 29 November
2019, and before a proposed consolidation of the Calidus Shares
which, if approved by Calidus shareholders, will take effect on 29
November 2019.
Details of the Demerger Reduction were set out in the Circular
and approved by shareholders at the General Meeting. A further
announcement will be made following the Court hearing in relation
to the Demerger Reduction.
**ENDS**
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc info@kerasplc.com
Nominated Adviser &
Broker
Ewan Leggat / Charlie SP Angel Corporate +44 (0) 20 3470
Bouverat Finance LLP 0470
Financial PR
Isabel de Salis / Cosima St Brides Partners +44 (0) 20 7236
Akerman Ltd 1177
Notes
Keras Resources plc is focused on building a strategic portfolio
of resource assets, providing investors with exposure to a
portfolio of development assets including manganese, cobalt and
nickel in Togo, West Africa. It is also in the process of
transferring its holding of shares in Calidus Resources Limited to
its shareholders by way of a capital reduction. The Company
benefits from a skilled management team, which has extensive
experience in the resource sector and proven success in advancing
assets up the value curve.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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