Keras Resources PLC Court Approval of the Demerger Reduction Received (9739T)
November 20 2019 - 2:00AM
UK Regulatory
TIDMKRS
RNS Number : 9739T
Keras Resources PLC
20 November 2019
Keras Resources plc / Index: AIM / Epic: KRS / Sector:
Mining
20 November 2019
Keras Resources plc
('Keras' or the 'Company')
Court Approval of the Demerger Reduction Received
& Confirmation of Record Date as 19 November 2019
Keras Resources plc, the AIM listed mineral resource company, is
pleased to announce that, on 19 November 2019, the High Court of
Justice (the 'Court') made an order approving the cancellation and
repayment of: (a) all issued deferred shares of 0.4p each in the
capital of the Company ('Deferred Shares'); and (b) 0.09p of the
capital paid up on each issued ordinary share of 0.1p each in the
capital of the Company ('Ordinary Shares') (together the 'Demerger
Reduction'). The Court order has been registered and the Demerger
Reduction has therefore taken place.
Following the Demerger Reduction, shareholders of Keras now hold
ordinary shares of 0.01p each in the capital of the Company ('New
Ordinary Shares') and the number of New Ordinary Shares in issue is
the same as the number of Ordinary Shares that were in issue prior
to the Demerger Reduction. However, there are no longer any
Deferred Shares in issue. Existing Keras share certificates
(including share certificates issued when the Company's name was
Ferrex plc) will remain valid in respect of certificated holdings
in the Company. With regard to uncertificated shareholdings, the
existing ISIN of GB00B649J414 will not change.
As a result of the Demerger Reduction, Keras is now able to
proceed with the transfer of 723,750,000 ordinary shares in Calidus
Resources Limited ('Calidus Shares') currently held by the Company
to eligible shareholders. Eligible shareholders will be entitled to
receive 1 Calidus Share for every 3.451963 New Ordinary Shares
registered in their name on the record date, which has been
confirmed to be 6.00 pm on 19 November 2019. This ratio has been
adjusted since the Company announced on 27 September 2019 that
eligible shareholders would be entitled to receive 1 Calidus Share
for every 3.44229 New Ordinary Shares held. This adjustment was
made as a result of the issue of 7 million Ordinary Shares on 11
November 2019 following the exercise of subscription rights under
warrants.
It has been possible to complete the Demerger sooner than
expected, and the transfer of Calidus Shares to eligible
shareholders is expected to take place by close of business in
Australia on Monday 25 November 2019. The registrars for Calidus,
Automic Group, will send a security-holder reference number (SRN)
py post to each transferee. The SRN should be quoted when trading
in Calidus Shares.
Details of the Demerger Reduction were set out in the Circular
sent to shareholders on 27 September 2019 and approved by
shareholders at the General Meeting held on 14 October 2019.
Further information on Calidus is available on its website at
www.calidus.com.au. In particular eligible shareholders should note
that Calidus is in the process of consolidating its ordinary shares
on the basis of one consolidated share for every ten existing
Calidus Shares, and that this consolidation is expected to be
approved by Calidus shareholders at the annual general meeting
convened for Monday 25 November 2019.
**ENDS**
For further information please visit www.kerasplc.com, follow us
on Twitter @kerasplc or contact the following:
Russell Lamming Keras Resources plc info@kerasplc.com
Nominated Adviser &
Broker
Ewan Leggat / Charlie SP Angel Corporate +44 (0) 20 3470
Bouverat Finance LLP 0470
Financial PR
Isabel de Salis / Cosima St Brides Partners +44 (0) 20 7236
Akerman Ltd 1177
Notes
Keras Resources plc is focused on building a strategic portfolio
of resource assets, providing investors with exposure to a
portfolio of development assets including manganese, cobalt and
nickel in Togo, West Africa. It is also in the process of
transferring its holding of shares in Calidus Resources Limited to
its shareholders by way of a capital reduction. The Company
benefits from a skilled management team, which has extensive
experience in the resource sector and proven success in advancing
assets up the value curve.
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 rns@lseg.com or visit www.rns.com.
END
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