Salt Lake Potash Limited Issue of shares and related party transaction (4591J)
09 September 2016 - 10:10PM
UK Regulatory
TIDMSO4
RNS Number : 4591J
Salt Lake Potash Limited
09 September 2016
9 September 2016 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
Issue of Shares and Related Party Transaction
-----------------------------------------------
Salt Lake Potash Limited ("SO4" or the "Company") announces that
180,000 ordinary shares have been issued to a key consultant of the
Company in lieu of fees.
Settlement and dealings
Application has been made to the Australian Securities Exchange
("ASX") and the AIM Market of the London Stock Exchange ("AIM") for
180,000 new ordinary shares, which rank pari passu with the
Company's existing issued ordinary shares, to be admitted to
trading on both the ASX and AIM. Dealings on AIM are expected to
commence at 8:00 a.m. on or around 14 September 2016 (the
"Admission").
Following the Admission of the 180,000 new ordinary shares, the
Company's issued share capital will comprise 134,007,596 ordinary
shares of no par value. The Company does not hold any shares in
treasury. This figure of 134,007,596 ordinary shares may be used by
the Company's shareholders as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Notice under Section 708A
Salt Lake Potash Limited (the "Company") has today issued
180,000 fully paid ordinary shares. The issued securities are part
of a class of securities quoted on the Australian Securities
Exchange ("ASX").
The Company hereby notifies ASX under paragraph 708A(5)(e) of
the Corporations Act 2001 (Cwth) (the "Act") that:
1. the Company issued the securities without disclosure to investors under Part 6D.2 of the Act;
2. as at the date of this notice, the Company has complied with
the provisions of Chapter 2M of the Act as they apply to the
Company, and section 674 of the Act; and
3. as at the date of this notice, there is no information that
is "excluded information" within the meaning of sections 708A(7)
and 708A(8) of the Act.
Related Party Transaction
On 1 July 2015, the Company signed a letter of variation with
Apollo Group Pty Ltd ("Apollo") agreeing to pay Apollo a monthly
retainer of A$15,000, effective from 1 July 2015 for the provision
of serviced office facilities, company secretarial, corporate and
administration services.
On 24 February 2016, the Company and Apollo agreed to increase
the fee to A$20,000 per month with effect from January 2016.
On 5 September 2016, the Company and Apollo agreed to decrease
the fee to A$12,500 per month with effect from August 2016. The
agreement has no fixed term, and is able to be terminated by either
party with one month's notice.
The transaction described above constitutes a related party
transaction pursuant to Rule 13 of the AIM Rules for Companies
("AIM Rules") as Apollo Group Pty Limited is a related party of the
Company by virtue of being an "associate" of Mark Pearce, a
director for the purposes of the AIM Rules as Mark Pearce holds in
excess of 30% of Apollo's share capital and is a director of
Apollo.
The independent directors of Salt Lake Potash Limited, having
consulted with the Company's nominated adviser, Grant Thornton UK
LLP, consider that the terms of this transaction are fair and
reasonable insofar as the Company's shareholders are concerned.
The information contained within this announcement is considered
to be inside information, for the purposes of Article 7 of EU
Regulation 596/2014, prior to its release.
For further information please visit www.saltlakepotash.com.au
or contact:
Matt Syme/Sam Cordin Salt Lake Potash Limited Tel: +61 8 9322 6322
Colin Aaronson/Richard Tonthat/Daniel Bush Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0)207 383 5100
Nick Tulloch/Beth McKiernan Cenkos Securities plc (Broker) Tel: +44 (0) 131 220 6939
This information is provided by RNS
The company news service from the London Stock Exchange
END
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