TIDMSAV
RNS Number : 0450O
Savannah Resources PLC
30 September 2019
30 September 2019
Savannah Resources Plc
Update on GBP1.24 million Subscription by Major Shareholder and
Director
Savannah Resources plc (AIM: SAV, FWB: SAV and SWB: SAV)
('Savannah' or 'the Company'), the AIM quoted resource development
company, announces that further to the recent placing and
subscription to raise GBP3.76 million (before expenses), as
announced on 16 September 2019 (the 'Placing'), Al Marjan Ltd ('Al
Marjan'), the Company's largest shareholder, has now subscribed for
60,000,000 new ordinary shares of 1p each in the Company ('Ordinary
Shares') at a price of 2p per Ordinary Share (the 'LoI Subscription
Shares'), along with other subscribers raising cash proceeds of
GBP1.24 million (the 'LoI Subscription').
Savannah's CEO, David Archer said: "In the June 2019 Interim
Accounts, the Company's Chairman, Matthew King, rightly
acknowledged that particular thanks goes to the Al Marjan Group
which remains the Company's largest shareholder, after its GBP1.2m
commitment to the September financing. Furthermore, companies which
have received such solid support from Directors and related parties
("Directors") are rather rare amongst those within our peer group -
the total net cash investment by the Directors is an impressive
GBP9.8 million cash to date, and the direct and indirect interest
held by Directors and management represents 28.8% of the
shareholder register."
Details of the LoI Subscription
-- Al Marjan holding to stand at 20.68% following its LoI
Subscription for GBP1.2 million for 60,000,000 LoI Subscription
Shares.
-- Alternate Director, Manohar Pundalik Shenoy, is subscribing
for 2,000,000 LoI Subscription Shares for GBP40,000, and an
employee for 100,000 LoI Subscription Shares for GBP2,000.
-- As previously announced, the proceeds of the LoI
Subscription, when aggregated with the net Placing proceeds the
Company has already received, will predominantly be used to
complete the Definitive Feasibility Study (the 'DFS') on the Mina
do Barroso Lithium Project located in northern Portugal - the
Company's flagship project - and will also be used to maintain its
projects in Mozambique and Oman, which are currently undergoing
finalisation of mining lease applications, as well as for general
working capital purposes.
Related Party Transaction
The subscriptions by Al Marjan and Mahohar Pundalik Shenoy are
deemed to constitute Related Party transactions in accordance with
AIM Rule 13 of the AIM Rules for Companies (the "Transaction").
Matthew King, David Archer, Dale Ferguson and James Leahy, who are
directors independent of the Transaction consider, having consulted
with the Company's Nominated Adviser, the subscriptions of Al
Marjan and Manohar Pundalik Shenoy to be fair and reasonable
insofar as Savannah's shareholders are concerned.
Voting Rights and Regulatory Information
Application will be made for the 62,100,000 LoI Subscription
Shares, which will rank pari passu with the existing Ordinary
Shares, to be admitted to trading on AIM ('Admission'). It is
expected that Admission will become effective and dealings will
commence at 8:00am on or around 3 October 2019.
Following Admission of the LoI Subscription Shares, the
Company's total issued share capital will consist of 1,297,459,820
Ordinary Shares. As such the total number of voting rights in the
Company will be 1,297,459,820 Ordinary Shares. This number 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 Company under
the FCA's Disclosure and Transparency Rules.
The notifications in appendix 1, made in accordance with the
requirements of the EU Market Abuse Regulation (Regulation (EU)
596/2014), provides further detail.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information please visit www.savannahresources.com
or contact:
David Archer Savannah Resources Tel: +44 20 7117
plc 2489
David Hignell / Charlie SP Angel Corporate Tel: +44 20 3470
Bouverat (Nominated Adviser) Finance LLP 0470
Christopher Raggett (Joint finnCap Ltd Tel: +44 20 7220
Broker) 0500
Grant Barker (Joint Broker) Whitman Howard Tel: +44 20 7659
1225
Melissa Hancock / Cosima St Brides Partners Tel: +44 20 7236
Akerman (Financial PR) Ltd 1177
About Savannah
Savannah is a diversified resources group (AIM: SAV) with a
portfolio of energy metals projects - lithium in Portugal and
copper in Oman - together with the world-class Mutamba Heavy
Mineral Sands Project in Mozambique, which is being developed in a
consortium with the global major Rio Tinto. The Board is committed
to serving the interests of its shareholders and to delivering
outcomes that will improve the lives of the communities we work
with and our staff.
The Company is listed and regulated on AIM and the Company's
ordinary shares are also available on the Quotation Board of the
Frankfurt Stock Exchange (FWB) under the symbol FWB: SAV, and the
Börse Stuttgart (SWB) under the ticker "SAV".
Appendix 1
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM:
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Manohar Pundalik Shenoy
----------------------------------------- ------------------------------
2. Reason for the notification
-------------------------------------------------------------------------
a) Position/status: Alternate non-executive
director
----------------------------------------- ------------------------------
b) Initial notification/Amendment:
----------------------------------------- ------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------
a) Name: Savannah Resources Plc
----------------------------------------- ------------------------------
b) LEI: 213800UCK16HW5KKGP60
----------------------------------------- ------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted.
-------------------------------------------------------------------------
a) Description of the financial instrument, Ordinary Shares of GBP0.01
type of instrument: each
Identification code: ISIN: GB00B647W791
----------------------------------------- ------------------------------
b) Nature of the transaction: Purchase of Ordinary Shares
----------------------------------------- ------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
2 pence 2,000,000
---------------
----------------------------------------- ------------------------------
d) Aggregated information: Single transaction as
Aggregated volume: in 4 c) above
Price:
----------------------------------------- ------------------------------
e) Date of the transaction: 29 September 2019
----------------------------------------- ------------------------------
f) Place of the transaction: Outside a trading venue
----------------------------------------- ------------------------------
**ENDS**
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
DSHPGUUPBUPBGMB
(END) Dow Jones Newswires
September 30, 2019 02:03 ET (06:03 GMT)
Savannah Resources (LSE:SAV)
Historical Stock Chart
From Apr 2024 to May 2024
Savannah Resources (LSE:SAV)
Historical Stock Chart
From May 2023 to May 2024