Bens Creek Group PLC Further disclosure re charge over shares (0694G)
11 November 2022 - 6:00PM
UK Regulatory
TIDMBEN
RNS Number : 0694G
Bens Creek Group PLC
11 November 2022
11 November 2022
Bens Creek Group plc
("Bens Creek" or the" Company")
Further disclosure re charge over shares
Further to the announcement released on 10 November 2022, Bens
Creek Group plc (AIM:BEN), the owner of a metallurgical coal mine
in North America supplying the steel industry, announces an update
in relation to the share charge created (the "Charge") on 27
October 2022 and registered at Companies House by MBU Capital Group
Limited ("MBU Capital"), in favour of Bluestar Global Capital
Limited ("Bluestar"), over all of the ordinary shares which MBU
Capital owns in Bens Creek. This update is based on correspondence
which the Company has had with MBU Capital and Bluestar.
MBU Capital and Bluestar have both separately confirmed to the
Company that the Charge is part of a long-term, routine financing
arrangement on standard commercial terms agreed between MBU Capital
and Bluestar. The facility is not highly leveraged and MBU Capital
remains the legal and beneficial owner of the shares in the Company
to which the Charge relates.
MBU Capital and Bluestar have a successful, long-term business
relationship having conducted business together for over eight
years, which they envisage continuing. Their business interests are
aligned and both parties have every reason to believe that the
current financing arrangements between the parties will be repaid
in the usual manner. The term facility to which the Charge relates
is not expected to be repaid for at least twelve months and MBU
Capital and Bluestar have a mechanism in place to agree a further
extension beyond twelve months, if required.
Furthermore, MBU Capital and Bluestar have confirmed that the
facility is not subject to any margin calls related to the share
price performance of the Company.
MBU Capital and Bluestar have also confirmed to the Company that
they have not sold any of their shareholding in the Company and nor
do they have any immediate intention to sell any of their
shareholding. At today's date MBU Capital and its ultimate
beneficial owner hold in aggregate 215,935,037 ordinary shares (the
"Ordinary Shares") in the Company, representing 57.55% of the
Ordinary Shares of the Company. Bluestar holds 3.98% of the
Ordinary Shares of the Company. Both MBU Capital (including the
ultimate beneficiary) and Bluestar have indicated their intention
to be long-term supporters of the Company, as demonstrated by their
recent investment of, in aggregate, GBP3m in 10,000,002 new
Ordinary Shares issued by the Company at 30 pence per Ordinary
Share in the placing announced by the Company in August 2022.
Both MBU Capital and Bluestar have informed the Company's board
that they every confidence in Bens Creek's strategy to increase
production and drive shareholder value for all shareholders.
For further information please contact:
Bens Creek Group plc
Adam Wilson, CEO +44 (0) 204 558
Murat Erden, CFO 2300
Allenby Capital Limited (Nominated Adviser
and Joint Broker)
Nick Athanas / Nick Naylor / George Payne
(Corporate Finance) +44 (0) 203 328
Kelly Gardiner (Sales and Corporate Broking) 5656
Optiva Securities Limited (Joint Broker)
Christian Dennis / Mariela Jaho / Daniel +44 (0) 203 137
Ingram 1902
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END
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