Tharisa PLC Admission to trading on the London Stock Exchange (4950A)
08 June 2016 - 4:30PM
UK Regulatory
TIDMTHS
RNS Number : 4950A
Tharisa PLC
08 June 2016
Not for publication, distribution or release in or into the
United States of America, Canada, Australia or Japan or any other
jurisdiction in which publication or distribution would be
unlawful.
This announcement is an advertisement and not a prospectus and
investors should not purchase any shares referred to in this
announcement except on the basis of information in the prospectus
(the 'Prospectus') published by Tharisa plc in connection with the
admission of its ordinary shares to the Official List of the UK
Listing Authority, by way of a standard listing, and to trading on
the London Stock Exchange Plc's main market for listed
securities.
Tharisa plc
(Incorporated in the Republic of Cyprus with limited
liability)
(Registration number HE223412)
JSE share code: THA
LSE share code: THS
ISIN: CY0103562118
('Tharisa' or 'the Company')
Admission to trading on the London Stock Exchange
Further to its announcement on 3 June 2016, Tharisa, the
platinum group metals and chrome co-producer, is pleased to
announce its admission to the standard listing segment of the
Official List of the FCA, and its admission to trading and first
day of dealings on the London Stock Exchange's Main Market for
listed securities (together 'Admission'). The JSE will remain the
primary exchange.
The Company is not raising any funds or issuing any new ordinary
shares ('Shares') in connection with Admission. No Shares have been
offered or marketed to the public in the UK or elsewhere in
connection with Admission. The Company's TIDM code on the London
Stock Exchange is THS with an ISIN of CY0103562118. The Company's
Shares will continue to trade on the Johannesburg Stock Exchange
under the share code THA. Tharisa's Shares or depository interests
representing Shares will be transferable between the two markets.
Investors wishing to transfer Shares from one register to another
are advised to consult their broker or custodian for advice on the
process of transferring Shares and the associated risks and cost.
The broker or custodian will ensure that account custodial
arrangements are sufficient to execute the transfer of Shares and
will communicate transfer instructions to the relevant parties. The
Company will not action any part of the Share transfer process -
the Share transfer mechanism will be managed through the South
African and UK clearing and settlement systems. South African
residents may not expatriate their Shares from the South African
register to the UK register without the necessary exchange control
approvals in place.
On Admission there are 255 891 886 Shares in issue, giving the
Company a market capitalisation of approximately GBP94.6 million
based on the closing mid-market price of the Company's Shares on
the JSE of ZAR8.00 and a ZAR:GBP foreign exchange rate of
ZAR1:GBP0.0462 as at 7 June 2016, being the latest practicable date
prior to this announcement.
Copies of the Prospectus are available:
-- On the website of the Cyprus Securities and Exchange Commission at www.cysec.gov.cy;
-- On the Company's website at www.tharisa.com;
-- On the National Storage Mechanism at www.morningstar.co.uk/uk/NSM;
-- On the website of the underwriter responsible for the
preparation of the Prospectus, Sharelink Securities & Financial
Services Ltd at www.sharelinksecurities.com; and
-- In hard copy, during regular business hours from the date of
publication of the Prospectus (being 3 June 2016) throughout the
validity period of the Prospectus at the offices of the Company's
United Kingdom legal advisors, Memery Crystal LLP, at 44
Southampton Buildings, London WC2A 1AP, United Kingdom.
By order of the Board
Paphos, Cyprus
8 June 2016
JSE Sponsor
Investec Bank Limited
For further information contact:
Tharisa plc ir@tharisa.com
Sherilee Lakmidas +27 11 996 3538
Arlington Group Asset
Management Ltd
Richard Greenfield +44 207 389 5016
About Tharisa
Tharisa is an integrated resources group incorporating mining,
processing, beneficiation, marketing, sales and logistics of
platinum group metals ('PGMs') and chrome concentrates. The
Company's primary asset, the Tharisa Mine, which is located on the
southwestern limb of South Africa's Bushveld Complex, has an
estimated open pit life-of-mine of approximately 20 years, and a
further estimated underground life of mine of approximately 40
years.
The Tharisa Mine's processing facilities have a design capacity
of processing a total of 400 ktpm of ROM ore. In the financial year
ended 30 September 2015 the Tharisa Mine produced PGM concentrates
containing 118 koz of 6E concentrate and chrome concentrates of 1.1
Mt including 112 kt of higher value chemical and foundry grade
chrome products, generating a consolidated EBITDA for Tharisa of
US$29.0 million and a profit before tax of US$9.6 million.
The quarter ended 31 March 2016 saw the Group record
improvements in a number of key areas, including reef mined
exceeding the steady state required run rate of 4.8 Mtpa, mill
throughput performing at nameplate design capacity of 400 ktpm and
contained PGM production on a 6E basis meeting the steady state
production level of 144 koz (all on an annualised basis).
Following a period of weak commodity prices subsequent to the
end of FY 2015, both chrome concentrate prices and demand have
recorded a recovery during Q3 FY 2016 as demand returns to previous
levels with current transaction prices at approximately US$145 per
tonne versus an average of US$106 per tonne for H1 FY 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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