Equity Buy-Back
31 December 2008 - 11:26PM
UK Regulatory
RNS Number : 9687K
Lithic Metals and Energy Limited
31 December 2008
Lithic Metals and Energy
("Lithic" or "the Company")
Equity Buy Back
Change of Directors' Holdings
Change of Number of Shares in Issue
Lithic Metals and Energy (AIM: LMY) today announces that it has purchased 26,000,000 ordinary shares in the Company ("Ordinary Shares"),
at a price of 0.5p per share (the "Buy Back Shares"). Pursuant to the Bermudan Companies Act, the Buy Back Shares are deemed to be
immediately cancelled at the date of the buy back, so that the total number of shares of the Company now in issue is 126,305,446 Ordinary
Shares.
The Buy Back Shares represent the shareholding of Zambezi Resources Limited, which was purchased at short notice by certain directors
and employees of Lithic and others at a price of 0.5p on 28 October 2008, in response to an offer from Zambezi Resources Limited. The
directors of the Company believe that all shareholders should benefit from the value that the transaction represented and have effected the
buy back to achieve this goal.
The following directors disposed of shares in the buy back:
Director Shares Disposed Resultant Percentage of issued share capital
Shareholding
James Kerr 9,000,000 0 0
Iain Rawlinson 6,500,000 3,076,923 2.4%
David Lunt 1,500,000 0 0
Commenting today, Lithic Managing Director Jim Kerr said "As a management group, we took the expedient action of securing the large
equity overhang held by Zambezi Resources in our Company in difficult market conditions. This action was deemed necessary at the time to
stabilise the company's shareholding and its Zambian investments. Now that close period restrictions imposed on the Company immediately
following the initial transaction have ended, the directors have resolved to pass the significant benefit of this transaction on to all
shareholders through the buyback arrangement."
For further information, please contact:
Jim Kerr, Lithic Metals & Energy Tel: +61 8 9322 5804
David Youngman / Katy Mitchell, WH Ireland Limited Tel: +44 (0)161 832 2714
Laurence Read / Beth Harris, Threadneedle Tel: +44 (0)20 7653 9850
Communications
This information is provided by RNS
The company news service from the London Stock Exchange
END
POSLFLFXVLBLFBF
Lithic Metals (SEE LSE:AFNR) (LSE:LMY)
Historical Stock Chart
From May 2024 to Jun 2024
Lithic Metals (SEE LSE:AFNR) (LSE:LMY)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Lithic Metals (SEE LSE:AFNR) (London Stock Exchange): 0 recent articles
More Lithic Metals&Energy News Articles