Chesterfield Resources PLC Possible Transaction and Temporary Suspension (3621V)
02 November 2017 - 6:00PM
UK Regulatory
TIDMCHF
RNS Number : 3621V
Chesterfield Resources PLC
02 November 2017
2 November 2017
CHESTERFIELD RESOURCES PLC
("Chesterfield" or the "Company") (TIDM: CHF)
Possible Transaction and Temporary Suspension
Chesterfield is pleased to announce that it has entered into
non-binding heads of terms in relation to the potential acquisition
by Chesterfield of HKP Exploration Ltd, a privately-owned company
that meets its primary acquisition criteria, i.e. focused on the
exchange traded non-ferrous metals mining segment of the natural
resources sector and located within the European geographic region
("Possible Transaction").
Completion of the Possible Transaction is conditional on, inter
alia, completion of satisfactory due diligence on the target. If
completed, the Possible Transaction would be classified as a
reverse takeover in accordance with the Listing Rules of the
Financial Conduct Authority. Accordingly, at the request of the
Company, the listing of the ordinary shares of 0.1p each in the
Company ("Ordinary Shares") on the Standard Listed Segment of the
Official List and trading in the Ordinary Shares on the Main Market
of the London Stock Exchange will be temporarily suspended with
effect from 7:30am today. Following either the publication of a
document setting out, inter alia, details of the Possible
Transaction and the target, or the Company confirms that
negotiations on the Possible Transaction have been terminated, the
Company will seek restoration of the listing of the Ordinary Shares
on the Standard Listed Segment of the Official List and trading of
the Ordinary Shares on the Main Market of the London Stock
Exchange. If the Possible Transaction completes, the eligibility of
the enlarged Company to be admitted to the Official List would need
to be agreed with the UK Listing Authority.
It is intended that the Possible Transaction will be completed
in early 2018, however, there can be no certainty that definitive
documentation relating to the Possible Transaction will be entered
into or that the Possible Transaction will be successfully
completed.
The Company will make further announcements in due course, as
appropriate.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further information contact:
Chesterfield Resources
plc:
Christopher Hall, Non-Executive Tel: +44(0)7773 427726
Chairman
Peter Damouni, Non-Executive Tel: +44(0)7771 787788
Director
Shard Capital (Broker):
Damon Heath Tel: +44(0)20 7186 9952
Erik Woolgar Tel: +44(0)20 7186 9964
Notes to Editors:
Chesterfield Resources plc ("Chesterfield" or the "Company"),
whose ordinary shares were admitted to the Official List and to
trading on the Main Market London Stock Exchange on 29 August 2017
(TIDM: CHF), is a special purpose acquisition company focused on
opportunities in the mining sector.
The Company is primarily focused on acquiring a company,
business or asset (the "Acquisition") that has operations in the
exchange traded non-ferrous metals mining segment within the
European geographic region. Chesterfield expects that the
Acquisition is likely to be valued at up to GBP20 million, although
larger opportunities may be considered. The Company will aim to
acquire all or the substantial majority of the Acquisition and
become a trading business, rather than an investment entity.
Chesterfield intends to use the Acquisition as a cornerstone to
build a substantial group within the sector, growing organically
and by further acquisition.
The directors of the Company have wide-ranging experience
working for and/or advising businesses operating within the natural
resources sector and an extensive network of relationships to reach
the key decision-makers and owners of potential targets in the
sector.
Chesterfield intends to identify and acquire a company, business
or asset where the existing owners are attracted to the
Chesterfield proposition, namely the opportunity to sell for cash
or hold an ownership interest in a London listed company with cash,
access to capital markets and the know-how to unlock the value of
their resource assets.
Chesterfield has considerable flexibility in how it would be
able to finance the consideration for the Acquisition, which may
include a proportion of the Company's cash resources together with
the potential to incur indebtedness and/or to issue additional
shares, whether to raise additional cash or as transaction
consideration.
For more information about the Company, please visit
http://www.chesterfieldresourcesplc.com.
- ENDS -
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCELLBBDFFEFBL
(END) Dow Jones Newswires
November 02, 2017 03:00 ET (07:00 GMT)
Chesterfield Resources (LSE:CHF)
Historical Stock Chart
From Apr 2024 to May 2024
Chesterfield Resources (LSE:CHF)
Historical Stock Chart
From May 2023 to May 2024