TIDMCAF
RNS Number : 8593R
China Africa Resources PLC
14 December 2016
China Africa Resources PLC
14 December 2016
China Africa Resources plc
("China Africa" or the "Company")
Result of GM, Fund Raise, Board Restructure and Change of
Advisers
China Africa Resources plc (LON:CAF) is pleased to announce that
at the General Meeting held earlier today in connection with the
disposal of its subsidiary, China Africa Resources Namibia (Pty)
Ltd, a placing, a Board restructure and a change of advisers, as
announced on 21 November 2016, that all Resolutions were duly
passed.
Paul Johnson, newly appointed Chief Executive Officer of China
Africa Resources commented: "I am pleased to assume this role and
look forward to working with a diligent and capable management team
to drive the Company forward.
The Natural Resources sector is pregnant with new opportunities
and we will work efficiently to assess a range of projects with a
view to concluding a reverse takeover transaction at the earliest
opportunity, in line with AIM rules.
As outlined previously our focus will be the energy metals and
minerals space, with a particular focus on Uranium, Lithium,
Cobalt, Copper and Coal commodities. Other opportunities outside
this focus may be considered if they are sufficiently attractive
and offer material upside potential for shareholders.
I would like to welcome the new shareholders in China Africa
Resources and thank them for their support. The Company will update
shareholders on a regular basis as material developments
occur."
In Specie Distribution
The Company has disposed of its sole interest, the Berg Aukas
Project, held through its wholly owned subsidiary, China Africa
Resources Namibia (Pty) Ltd ("CAR Namibia"), through the completion
of the in-specie distribution (as defined in the circular convening
the GM). Under Rule 15 of the AIM Rules for Companies, the China
Africa is now an AIM Rule 15 cash shell seeking a reverse takeover
transaction, primarily focused on the energy metals and minerals
sector. The Special Dividend is valued at 1.75p per share.
Placing
The Company has raised gross proceeds of GBP1 million by way of
a placing of New 1p Ordinary Shares at 2.17p each with new
investors, the proceeds of which will be used to support the
pursuit of a suitable reverse takeover transaction.
Board Restructure
The Board of Directors has been restructured with the
appointments of Paul Johnson as Chief Executive Officer and Nick
O'Reilly as a Non-Executive Director. Rod Webster, the previous
Chief Executive Officer will become Non-Executive Chairman and John
Bryant will remain as a Non-Executive Director.
Cungen Ding (Non-Executive Chairman), Li Ming (Non-Executive
Director), James Richards (Senior Independent Non-Executive
Director), Wuming Wang (Non-Executive Director) and Frank Lewis
(Non-Executive Director) have all stepped down from the Board.
Director and Significant Shareholders
Following admission to AIM of the shares issued as part of the
placing, the Directors shall have the following shareholdings in
the Company:
% of the Enlarged
Number of Ordinary Issued Share
Name Shares on Admission Capital
Paul Johnson* 6,392,142 8.43%
Roderick Webster+ 670,596 0.88%
John Bryant+ 555,071 0.73%
Nicholas O'Reilly 552,995 0.73%
Total 8,170,804 10.77%
*Paul Johnson's holding includes 3,500,000 Ordinary
Shares issued to Value Generation Limited, a wholly
owned personal service company of Paul Johnson
+Roderick Webster is Non-Executive Director and
John Bryant Non-Executive Chairman of Weatherly
International plc that holds 5,769,232 shares
in the Company representing 7.61% of the enlarged
issued share capital.
Director Options
Following the General Meeting approval the Board of the Company
have been awarded the following 4.34p options with a three year
exercise life vesting immediately:
Name
Paul Johnson 1,500,000
Roderick Webster 1,500,000
John Bryant 1,500,000
Nicholas O'Reilly 1,500,000
Total 6,000,000
Change of Advisers
China Africa has appointed SPARK Advisory Partners Limited as
the Company's nominated adviser and SI Capital Limited and Beaufort
Securities Limited as joint brokers to the Company.
Website
The Company has created a new website to reflect the changes
outlined above. The new website will be uploaded shortly and can be
viewed at www.chinaafricares.com.
Admission and Trading
Application has been made to the London Stock Exchange for the
enlarged issued share capital of 46,082,948 Fund Raise Shares and
6,679,724 Fee Shares (as defined in the announcement on 21 November
2016) of 1p each in the Company to be admitted to trading on AIM.
The Fundraise Shares and the Fee Shares are expected to commence
trading at 8.00 a.m. on 16 December 2016 and will rank pari passu
in all respects with the existing Ordinary Shares save that they
will have no entitlement to receive the Special Dividend.
Following the issue of the Fundraise Shares and Fee Shares, the
Company will have 75,839,596 Ordinary Shares in issue. The Company
does not hold any shares in treasury. Accordingly, following
admission of the Fundraise Shares, and the Fee Shares the total
number of Ordinary Shares and voting rights in the Company is
75,839,596 shares. This figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Disclosure
and Transparency Rules of the UK Financial Conduct Authority.
For further information on the Company, visit:
http://www.chinaafricares.com/.
China Africa Resources PLC T: +44 (0) 1707 800774
Paul Johnson, Chief Executive
Officer
SPARK Advisory Partners - T: +44 (0) 2033 683
Nominated Adviser 555
Sean Wyndham-Quin
Neil Baldwin www.sparkadvisorypartners.com
SI Capital Limited - Joint T: +44 (0) 1483 413
Broker 500
Nick Emerson
Andy Thacker
Beaufort Securities Limited T: +44 (0) 207 382
- Joint Broker 8300
Elliot Hance
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCAKQDKNBDDCBD
(END) Dow Jones Newswires
December 14, 2016 08:11 ET (13:11 GMT)
Pembridge Resources (LSE:PERE)
Historical Stock Chart
From Apr 2024 to May 2024
Pembridge Resources (LSE:PERE)
Historical Stock Chart
From May 2023 to May 2024