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Update on £1.24m Subscription by Major Shareholder

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RNS Number : 0450O
Savannah Resources PLC
30 September 2019
 

                                                                                                                      

 

 

 

 

30 September 2019

Savannah Resources Plc

Update on £1.24 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 £3.76 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 £1.24 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 £1.2m 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 £9.8 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 £1.2 million for 60,000,000 LoI Subscription Shares.

·          Alternate Director, Manohar Pundalik Shenoy, is subscribing for 2,000,000 LoI Subscription Shares for £40,000, and an employee for 100,000 LoI Subscription Shares for £2,000.

·          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 plc

Tel: +44 20 7117 2489

David Hignell / Charlie

Bouverat (Nominated Adviser)

SP Angel Corporate Finance LLP

Tel: +44 20 3470 0470

Christopher Raggett (Joint Broker)

finnCap Ltd

Tel: +44 20 7220 0500

Grant Barker (Joint Broker)

Whitman Howard

Tel: +44 20 7659 1225

Melissa Hancock / Cosima

Akerman (Financial PR)

St Brides Partners Ltd

Tel: +44 20 7236 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, type of instrument:

 

Identification code:

Ordinary Shares of £0.01 each

 

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:

Aggregated volume:

Price:

Single transaction as in 4 c) above

 

 

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 [email protected] or visit www.rns.com.
 
END
 
 
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Quick facts: Savannah Resources PLC

Price: 2.1

Market: AIM
Market Cap: £27.25 m
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