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RNS Number : 3645W
Savannah Resources PLC
31 July 2018
 

 

31 July 2018

Savannah Resources Plc

Update on £1 million Subscription by Major Shareholder

PDMR Notification

Notification of Holdings

 

Savannah Resources plc (AIM: SAV and SWB: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, announces that further to the recent placing to raise £11.5 million (before expenses), as announced on 5 July 2018 (the 'Placing'), Al Marjan Ltd ('Al Marjan'), the Company's major shareholder, has now subscribed for 11,111,111 new ordinary shares of 1p each in the Company ( 'Ordinary Shares') at a price of 9p per Ordinary Share (the 'Subscription Shares'), raising cash proceeds of £1 million (the 'Subscription').

 

Details of the Subscription

 

·     Al Marjan holding to be at 24.18% following the Subscription

·     As previously announced, the proceeds of the Subscription, when aggregated with the net Placing proceeds the Company has already received, will be predominantly used to support the next stage of development for Savannah's Mina do Barroso Lithium Project located in northern Portugal, providing funding to decision to mine.

·     Additionally, the funds will be used to progress the Company's projects in Mozambique and Oman, which are currently undergoing mining lease applications, and for working capital purposes generally.

 

Related Party Transaction

 

Al Marjan is a substantial shareholder in the Company (the 'Related Party'). The Subscription by the Related Party constitutes a related party transaction in accordance with AIM Rule 13. Matthew King, David Archer and Dale Ferguson, who are not subscribing for Subscription Shares and are therefore independent Directors for these purposes, having consulted with the Company's Nominated Adviser, consider the Subscription by the Related Party to be fair and reasonable insofar as Savannah's shareholders are concerned.

 

Voting Rights and Regulatory Information

 

Application will be made for the 11,111,111 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 6 August 2018.

 

Following Admission of the Subscription Shares, the Company's total issued share capital will consist of 861,316,795 Ordinary Shares. As such the total number of voting rights in the Company will be 861,316,795 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.

 

PDMR Notification

 

Further, and in a separate transaction to the subscription referred to above, the Company advises of the sale of Ordinary Shares by a PDMR as set out below:

 

PDMR

Number of Ordinary Shares Sold

Price Per Ordinary Share and Quantity

Percentage of Ordinary Shares Following Admission

David Archer

1,000,000

9.32p - 250,000

9.1p - 750,000

4.85%

 

The notifications below, 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 / Dugald J. Carlean (Nominated Adviser)

Northland Capital Partners Ltd

Tel: 44 20 3861 6625

Christopher Raggett / Abigail Wayne (Broker)

finnCap Ltd

Tel: 44 20 7220 0500

Grant Barker (Equity Adviser)

Whitman Howard

Tel: 44 020 7659 1225

Charlotte Page / Lottie Wadham (Financial PR)

St Brides Partners Ltd

Tel: 44 20 7236 1177

 

About Savannah

We are 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. We are committed to serving the interests of our shareholders and to delivering outcomes that will improve the lives of our staff and the communities we work with.

 

The group is listed and regulated on AIM and the Company's ordinary shares are also available on the Börse Stuttgart (SWB) under the ticker "SAV"

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

David Archer

 

2

Reason for the notification

a)

Position/status

Chief Executive Officer

 

b)

 

Initial notification /Amendment

Initial notification

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

Disposal of Shares

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

GBP0.0932

 

GBP0.091

 

250,000

 

750,000

 

 

d)

Aggregated information

 

Aggregated volume

 

Price

 

 

 

1,000,000

 

0.092

 

e)

Date of the transaction(s)

26 July 2018

27 July 2018

f)

Place of the transaction

London Stock Exchange - AIM

 

 

 

Notification of Substantial Shareholding

 

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:

Savannah Resources Plc

1b. Please indicate if the issuer is a non-UK issuer  (please mark with an "X" if appropriate)

Non-UK issuer

 

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

 

An event changing the breakdown of voting rights

 

Other (please specify)iii:

 

3. Details of person subject to the notification obligationiv

Name

David Stuart Archer

City and country of registered office (if applicable)

 

4. Full name of shareholder(s) (if different from 3)

Name

 

City and country of registered office (if applicable)

 

5. Date on which the threshold was crossed or reachedvi:

27/07/2018

6. Date on which issuer notified (DD/MM/YYYY):

30/07/2018

7. Total positions of person(s) subject to the notification obligation

 

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 8.B 2)

Total of both in % (8.A 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

4.85

1.14

5.99

861,316,795

Position of previous notification (if

applicable)

5.03

1.16

6.19

 

             

 

8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rightsix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00B647W791

41,756,649

 

4.85

 

 

 

 

 

 

 

 

 

 

 

SUBTOTAL 8. A

41,756,649

4.85

 

 

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

Warrants over Ordinary Shares with a 6p exercise price

14/07/2020

At any time prior to the expiration date

2,857,143

0.33%

Options over Ordinary Shares with a 7.59p exercise price

28/02/2021

At any time prior to the expiration date

7,000,000

0.81%

 

 

SUBTOTAL 8. B 1

9,857,143

1.14%

 

 

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date
x

Exercise/
Conversion Period
xi

Physical or cash

settlementxii

Number of voting rights

% of voting rights

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUBTOTAL 8.B.2

 

 

 

 

 

                     

 

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

X

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity
xiv (please add additional rows as necessary)

 

Namexv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10. In case of proxy voting, please identify:

Name of the proxy holder

 

The number and % of voting rights held

 

The date until which the voting rights will be held

 

 

11. Additional informationxvi

 

         

 

Place of completion

31 July 2018

Date of completion

London

 

 

 

**ENDS**

 

 


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