TIDMALL
Atlantic Lithium Limited
11 July 2022
11 July 2022
The following amendment has been made to the 'Tax Information
Statement - In-specie distribution of Ricca shares on 22 December
2021' announcement released on 08 July 2022 at 15:00 under RNS No
8688R.
Further to the announcement of 08 July 2022 the Company
incorrectly stated that Atlantic Lithium expects that for
Australian income tax purposes, the cost base of each Atlantic
Lithium share held at the Implementation Date would be reduced by
A$0.125 rather than the correct figure of A$0.0125.
All other details remain unchanged.
The full amended text is shown below.
Correction: Tax Information Statement - In-specie distribution
of
Ricca shares on 22 December 2021
The Board of Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF,
"Atlantic Lithium" or the "Company"), the funded African-focussed
lithium exploration and development company targeting to deliver
Ghana's first lithium mine, wishes to advise of the following
Australian tax information for its shareholders with regard to the
in-specie distribution of Ricca Resources Limited ("Ricca") shares
on 22 December 2021.
The purpose of this tax information statement is to set out the
expected Australian income tax consequences associated with the
in-specie distribution, including:
-- how the Australian capital gains tax (CGT) cost base of
Atlantic Lithium shares held at the Record Date (see below) should
be adjusted; and
-- how the CGT cost base of Ricca shares that were distributed set.
The in-specie distribution of all of the shares held by the
Company in Ricca to eligible Atlantic Lithium shareholders was
completed on 22 December 2021 (Implementation Date).
Eligible Atlantic Lithium shareholders were those eligible
shareholders registered on the Atlantic Lithium share register on
23 November 2021 (Record Date).
Atlantic Lithium first engaged with the Australian Taxation
Office in October 2021 with a view to seeking, by way of request
for class ruling, confirmation of the taxation consequences
associated with the in-specie distribution.
Unfortunately, there have been a number of delays with this
ruling process owing to various factors and so at this time, eight
months on, Atlantic Lithium considers that the appropriate course
of action is to withdraw the ruling request and provide
shareholders with relevant information concerning the taxation
consequences it would expect are associated with the in-specie
distribution.
The information provided here does not constitute tax advice and
Atlantic Lithium recommends that shareholders obtain their own tax
advice concerning the taxation consequences of the receipt of Ricca
shares, including for reason that each person's circumstances are
different.
Further, Atlantic Lithium cannot guarantee that the Australian
Taxation Office may not take a different view of the income tax
consequences associated with the in-specie distribution of Ricca
shares upon review.
Having regard to the above, Atlantic Lithium advises that on the
basis of its records and prior assessments of the market value of
the Ricca shares, each Ricca share distributed had a $0.10 value at
the time of the distribution and the distribution of Ricca shares
was effected as a capital reduction, which is expected to have not
been assessable to Atlantic Lithium shareholders.
Further, Atlantic Lithium expects that for Australian income tax
purposes, the first element of the cost base of each Ricca share
distributed would be A$0.10 and the cost base of each Atlantic
Lithium share held at the Implementation Date reduced by
A$0.0125.
This cost base is relevant for determining the capital gain or
loss in respect of any future disposal of the shares.
For foreign resident shareholders any capital gains or losses
associated with the disposal of Atlantic Lithium or Ricca shares is
disregarded, unless those shares are "taxable Australian property"
at the time of disposal.
Atlantic Lithium expects that your Atlantic Lithium share or
Ricca share is only taxable Australian property if it:
-- is used by you (the foreign resident) at any time in carrying
on a business through a permanent establishment in Australia;
or
-- is a CGT asset that is covered by subsection 104-165(3) of
the Income Tax Assessment Act 1997 (Cth) (choosing to disregard a
capital gain or capital loss on ceasing to be an Australian
resident).
For any further information, please contact:
Atlantic Lithium Limited Tel: +61 2 8072 0640
Neil Herbert (Executive Chairman)
Amanda Harsas (Finance Director and Company
Secretary)
www.atlanticlithium.com.au
atlantic@yellowjerseypr.com
SP Angel Corporate Finance LLP Tel: +44 (0)20 3470 0470
Nominated Adviser
Jeff Keating
Charlie Bouverat
Canaccord Genuity Limited Tel: +44 (0) 20 7523 4500
Joint Company Broker
Raj Khatri
James Asensio
Harry Rees
Liberum Capital Limited Tel: +44 (0) 20 3100 2000
Joint Company Broker
Scott Mathieson
Edward Thomas
Kane Collings
SI Capital Limited Tel: +44 (0) 1483 413
Joint Company Broker 500
Nick Emerson Tel: +44 (0) 207 871 4038
Jon Levinson
Yellow Jersey PR Limited Tel: +44 (0)20 3004 9512
Henry Wilkinson
Dominic Barretto
James Lingfield
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au
Atlantic Lithium (formerly "IronRidge Resources") is an
AIM-listed lithium company advancing a portfolio of projects in
Ghana and Côte d'Ivoire through to production.
The Company's flagship project, the Ewoyaa Project in Ghana, is
a significant lithium pegmatite discovery on track to become
Ghana's first lithium producing mine. The project is funded to
production under an agreement with Piedmont Lithium for US$102m,
based on the updated Scoping Study dated 7 December 2021,
indicating Life of Mine revenues exceeding US$3.4bn and set to
produce a premium lithium product.
Atlantic Lithium holds a 560km(2) & 774km(2) tenure across
Ghana and Côte d'Ivoire respectively, comprising significantly
under-explored, highly prospective licenses.
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. 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.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRABGGDRRSBDGDB
(END) Dow Jones Newswires
July 11, 2022 07:00 ET (11:00 GMT)
Ironridge Resources (LSE:IRR)
Historical Stock Chart
From Nov 2024 to Dec 2024
Ironridge Resources (LSE:IRR)
Historical Stock Chart
From Dec 2023 to Dec 2024
