WTI Wti Oil Etc

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RNS Number : 2529R

Weatherly International PLC

08 December 2016

8 December 2016

Weatherly International plc

("Weatherly" or the "Company")

Significant shareholder change and directorship change

In July 2013, Ongopolo Mining Limited ("OML") a wholly owned subsidiary of the Company, entered into a contract with Logiman CC ("Logiman") for the engineering, procurement and construction ("EPC Contract") of the Tschudi Copper Project in Namibia. The contract was for a total price (subject to agreed variations and claims) of ZAR641m excluding VAT on a fixed price basis. A second contract dealt with the sharing of certain cost savings which were anticipated in respect of the EPC Contract between the parties. As previously announced in July, there remain certain unresolved disputes with Logiman, and while arbitration proceedings have not yet commenced, the Company still considers that arbitration proceedings are likely.

Following its participation in certain capital raisings and further market purchases, Logiman held 11.4% of the Company's shares and, pursuant to their subscription of 8 May 2015, was entitled to nominate one director to the Company's board of directors. This board position was held by Krzysztof Szymczak, Managing Director of Logiman.

Logiman notified the Company on the 7(th) December that their new shareholding is now 102,164,832 shares representing 9.6% of the Company. The sales occurred between 14(th) and 24(th) November. The shares were sold on market and Weatherly has not been advised of the precise price achieved on the sale. As their new holding is less than 10% Krzysztof Szymczak has tendered his resignation as a director of the Company with immediate effect which the Board has accepted.

Further announcements will be made in due course regarding these matters.

For further information please contact:

   Weatherly International plc                                       +44 (0) 1707 800 774 

Craig Thomas, Chief Executive Officer

Kevin Ellis, CFO and Company Secretary

   RFC Ambrian Limited                                                     +44 (0) 20 3440 6800 

(Nominated Adviser & Broker)

Nominated adviser contact: Stephen Allen or Bhavesh Patel

Broker contact: Kim Eckhof

Blytheweigh +44 (0) 20 7138 3204

(Financial PR) Tim Blythe / Camilla Horsfall / Nick Elwes

About Weatherly

Weatherly is an AIM listed copper mining company operating in Namibia in southern Africa. Its principal assets are one operating open pit copper mine called Tschudi and two underground copper projects called Otjihase and Matchless.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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