08:00 Fri 30 Aug 2019
Premier African Min - Corporate update - Circum
For immediate release
Corporate update - Circum
Premier beneficially owns 5,010,333 shares in Circum which, as reported in the Company's audited report and accounts for the year ended
As reported on
In anticipation of a liquidity event, the Board has today adopted a formal policy setting out how the Board would apply the proceeds ("Circum Policy"). Under the Circum Policy, providing the proceeds of the liquidity event is greater than
1. The Board of Directors would convene a general meeting at which shareholders will be asked to approve the disposal of the Circum Interest ("Circum Disposal").
2. Conditional on the approval of the Circum Disposal, Premier will first repay all existing debts and liabilities incurred in the ordinary course of business as at the date of the liquidity event of the Circum Interest.
3. Shareholders will be further asked to approve either of the following options to facilitate a fair and equitable distribution to Premier's shareholders of its Circum Interest;
- Direct distribution to existing shareholders by way of either a share dividend, share buyback scheme or such other scheme of arrangement that would be the most reasonably tax efficient for shareholders; or
- The retention by the Company of the disposal proceeds to allow Premier to investment into existing or new projects of Premier.
About Circum
Circum is a private company developing the
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged the release of this announcement on behalf of the Company was
Enquiries:
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Tel: +44 (0)7734 922074 |
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(Nominated Adviser) |
Tel: +44 (0) 20 7628 3396 |
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Tel: +44 (0) 20 7408 4090 |
Notes to Editors:
The Company has a diverse portfolio of projects, which include tungsten, rare earth elements, lithium and tantalum in
ENDS
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