Firestone Diamonds PLC Issue of Shares (2020A)
January 17 2020 - 7:23AM
UK Regulatory
TIDMFDI
RNS Number : 2020A
Firestone Diamonds PLC
17 January 2020
17 January 2020
Firestone Diamonds plc
("Firestone" or the "Company")
Issue of shares
Firestone Diamonds plc (AIM: FDI) announces that, in accordance
with the terms of the US$30.0 million Series A Eurobond debt
facility ("Series A Eurobonds"), and subsequent to the passing of
necessary resolutions at a General Meeting that was held on 15
October 2019 ("the General Meeting"), it has opted to issue, in
aggregate, 46,826,488 new ordinary shares of 1 pence each
("Ordinary Shares") in respect of the quarterly interest due on the
Series A Eurobonds, for the quarter ended 31 December 2019.
In terms of the resolutions, the company is permitted to issue
shares in respect of the interest due on the Series A Eurobonds to
Pacific Road Resources Fund II L.P. and Pacific Road Resources Fund
II (together "Pacific Road") and Resource Capital Fund VI L.P.
("RCF") for the 12 month period commencing from 1 July 2019 and
ending on 30 June 2020 on a non-pre-emptive basis. As at 31
December 2019, Series A Eurobonds amounting to US$30.0 million had
been issued.
Accordingly, the Company will issue, in aggregate, 23,413,244
new Ordinary Shares to Pacific Road and 23,413,244 new Ordinary
Shares to RCF in respect of the interest due on the Series A
Eurobonds, for the quarter ended 31 December 2019.
Application has been made to the London Stock Exchange plc for
the new Ordinary Shares to be admitted to trading on AIM. Admission
and dealings in the new Ordinary Shares are expected to commence at
8.00 a.m. on 23 January 2020 ("Admission"). On Admission, the
Company will have 691,898,724 Ordinary Shares in issue.
The Company does not currently hold any Ordinary Shares in
treasury. Accordingly, the above figure of 691,898,724 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 in their interest in, the share capital of the
Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
Following the issue of the new Ordinary Shares, Pacific Road and
RCF will be interested in 224,639,536 and 225,234,848 Ordinary
Shares respectively, representing approximately 32.47% and 32.55%
respectively of the Company's issued share capital. The Takeover
Panel has agreed to waive the obligation on Pacific Road and RCF to
make a mandatory offer to all Shareholders under Rule 9 of the
Takeover Code which would otherwise be triggered as a result of the
increase in the voting rights in the Company of each Pacific Road
and RCF above 30 per cent, following the approval of the
Independent Shareholders being granted at the General Meeting.
For more information please visit: www.firestonediamonds.com or
contact:
+44 (0)20 3319
Firestone Diamonds plc 1690
Paul Bosma
Grant Ferriman
Macquarie Capital (Europe) Limited
(Nomad and Broker) +44 (0)20 3037
Alex Reynolds 2000
+44 (0)20 7920
Tavistock (Public and Investor Relations) 3150
Jos Simson
Gareth Tredway
Annabel de Morgan
Background information on Firestone
Firestone is an international diamond mining company with
operations in Lesotho. Firestone commenced commercial production in
July 2017 at the Liqhobong Diamond Mine. Liqhobong is owned 75% by
Firestone and 25% by the Government of Lesotho. Lesotho is one of
Africa's significant new diamond producers, hosting Gem Diamonds'
Letšeng Mine, Firestone's Liqhobong Mine, Namakwa Diamonds' Kao
Mine and Lucapa's Mothae Mine.
-ends-
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END
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