AIM Schedule One - Bushveld Minerals Limited (9882X)

TIDMBMN

RNS Number : 9882X

AIM

30 November 2017

 
                   ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT 
                    PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 
                    OF THE AIM RULES FOR COMPANIES ("AIM RULES") 
---------------------------------------------------------------------------------- 
 
 COMPANY NAME: 
---------------------------------------------------------------------------------- 
 Bushveld Minerals Limited (The "Company" or 
  "Bushveld Minerals") 
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 COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, 
  COMPANY TRADING ADDRESS (INCLUDING POSTCODES) 
  : 
---------------------------------------------------------------------------------- 
 
   Registered Office: 
   18-20 Le Pollet 
   St Peters Port 
   GY1 1WH 
   Guernsey 
 
   Trading Address: 
   Illovo Edge Office Park 
   9 Harries Road 
   Building 3, 2(nd) Floor 
   Illovo 
   Johannesburg 
   South Africa 
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 COUNTRY OF INCORPORATION: 
---------------------------------------------------------------------------------- 
 Guernsey 
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 COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION 
  REQUIRED BY AIM RULE 26: 
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 http://www.bushveldminerals.com 
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 COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF 
  OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, 
  DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION 
  IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER 
  UNDER RULE 14, THIS SHOULD BE STATED: 
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   Bushveld Minerals is an AIM listed mineral project 
   development company with a portfolio of vanadium 
   and coal assets in South Africa and Madagascar, 
   including an interest in a vanadium-producing 
   operation and an investment in tin. 
 
   The Company has entered into a conditional agreement 
   to acquire 55 per cent. of the issued share 
   capital of Bushveld Vametco (being all of the 
   ordinary shares in Bushveld Vametco not currently 
   owned by the Group) from the Seller. Following 
   the Acquisition (assuming it is approved by 
   Shareholders at the GM), the Company will hold 
   100 per cent. of the issued share capital of 
   Bushveld Vametco and, through Bushveld Vametco, 
   will own 78.8 per cent. of Strategic Minerals 
   Corporation. Strategic Minerals Corporation 
   is the intermediate holding company that owns 
   a 75 per cent. interest in the Vametco Vanadium 
   Mine. 
 
   The initial consideration for the Acquisition 
   is US$11.1 million which will be satisfied through 
   the issue of the Consideration Shares and US$4.5 
   million in cash by the Company to the Seller. 
   In addition, there will be two deferred payments 
   of US$0.6 million following publication of the 
   Vametco Holdings accounts for the year ended 
   31 December 2018 and 2019 and a further payment 
   calculated by reference to the EBITDA of Vametco 
   Holdings in 2020 following publication of the 
   Vametco Holdings accounts for the year ended 
   31 December 2020. 
 
   The Acquisition constitutes a reverse takeover 
   under the AIM Rules for Companies. As a result, 
   the Company is seeking Shareholder approval 
   for the Acquisition at the General Meeting to 
   be held on 20 December 2017. 
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 DETAILS OF SECURITIES TO BE ADMITTED INCLUDING 
  ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES 
  (i.e. where known, number and type of shares, 
  nominal value and issue price to which it seeks 
  admission and the number and type to be held 
  as treasury shares): 
---------------------------------------------------------------------------------- 
 
   808,612,897 existing ordinary shares of 1 pence 
   each ("Ordinary Shares") (including 670,000 
   shares in Treasury) and 54,766,364 Consideration 
   shares totalling 863,379,261 Ordinary Shares 
   on Admission 
 
   There are no restrictions on the transfer of 
   the securities. 
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 CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) 
  AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION: 
---------------------------------------------------------------------------------- 
 None 
 
  Anticipated market capitalisation on admission 
  = GBP65.8 million (based on the closing mid 
  market price of BMN shares on 29 November 2017) 
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 PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS 
  AT ADMISSION: 
---------------------------------------------------------------------------------- 
 16.32% 
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 DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM 
  TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED 
  TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS 
  AIM SECURITIES) ADMITTED OR TRADED: 
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 None 
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 FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED 
  DIRECTORS (underlining the first name by which 
  each is known or including any other name by 
  which each is known): 
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 Ian Watson - Non-Executive Chairman 
  Fortune Mojapelo - Chief Executive Officer 
  Geoff Sproule - Finance Director 
  Anthony Viljoen - Non-Executive Director 
  Jeremy Friedlander - Non-Executive Director 
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 FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS 
  EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE 
  CAPITAL, BEFORE AND AFTER ADMISSION (underlining 
  the first name by which each is known or including 
  any other name by which each is known): 
---------------------------------------------------------------------------------- 
 
                                            Pre-Admission        Post-Admission 
   -----------------------------------  --------------------  -------------------- 
    Name                                         No.       %           No.       % 
   -----------------------------------  ------------  ------  ------------  ------ 
    Hargreaves Lansdown Nominees         126,797,413   15.72   126,797,413   14.69 
   -----------------------------------  ------------  ------  ------------  ------ 
    Acacia Resources Limited              85,598,644   10.61    85,598,644    9.91 
   -----------------------------------  ------------  ------  ------------  ------ 
    Halifax Share Dealing                 85,416,796   10.59    85,416,796    9.89 
   -----------------------------------  ------------  ------  ------------  ------ 
    Yellow Dragon Holdings 
     Limited                              25,000,000    3.10   79,7652,250    9.24 
   -----------------------------------  ------------  ------  ------------  ------ 
    TD Direct Investing                   58,073,632    7.20    58,073,632    6.73 
   -----------------------------------  ------------  ------  ------------  ------ 
    Jose Roy Hernandez Borromeo           37,969,130    4.71    37,969,130    4.40 
   -----------------------------------  ------------  ------  ------------  ------ 
    Selftrade - Talos Securities          31,409,484    3.89    31,409,484    3.64 
   -----------------------------------  ------------  ------  ------------  ------ 
    Mr Nicholas John Mallett              31,000,000    3.84    31,000,000    3.59 
   -----------------------------------  ------------  ------  ------------  ------ 
    Barclays Wealth and Investment 
     Management (UK)                      30,279,467    3.75    30,279,467    3.51 
   -----------------------------------  ------------  ------  ------------  ------ 
    Interactive Investor Sharedealing     28,622,422    3.55    28,622,422    3.32 
   -----------------------------------  ------------  ------  ------------  ------ 
    A J Bell Securities                   25,819,266    3.20    25,819,266    2.99 
   -----------------------------------  ------------  ------  ------------  ------ 
    Share Centre                          24,771,273    3.07    24,771,273    2.87 
   -----------------------------------  ------------  ------  ------------  ------ 
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 NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE 
  WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES: 
---------------------------------------------------------------------------------- 
 None 
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 (i) ANTICIPATED ACCOUNTING REFERENCE DATE 
  (ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION 
  IN THE ADMISSION DOCUMENT HAS BEEN PREPARED 
  (this may be represented by unaudited interim 
  financial information) 
  (iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST 
  THREE REPORTS PURSUANT TO AIM RULES 18 AND 19: 
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 (i) 28 February 
  (ii) 31 August 2017 
  (iii) Audited results for the year to 28 February 
  2018 by 31 August 2018; unaudited results for 
  6 months to 31 August 2018 by 30 November 2018 
  and audited results for the year to 28 February 
  2019 by 31 August 2019 
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 EXPECTED ADMISSION DATE: 
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 21 December 2017 
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 NAME AND ADDRESS OF NOMINATED ADVISER: 
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 SP Angel Corporate Finance LLP 
  Prince Frederick House 
  35-39 Maddox Street 
  London 
  W1S 2PP 
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 NAME AND ADDRESS OF BROKER: 
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 SP Angel Corporate Finance LLP 
  Prince Frederick House 
  35-39 Maddox Street 
  London 
  W1S 2PP 
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 OTHER THAN IN THE CASE OF A QUOTED APPLICANT, 
  DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) 
  THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, 
  WITH A STATEMENT THAT THIS WILL CONTAIN FULL 
  DETAILS ABOUT THE APPLICANT AND THE ADMISSION 
  OF ITS SECURITIES: 
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 Copies of the admission document are available 
  on the Company's website www.bushveldminerals.com 
 
  The admission document will contain full details 
  about the applicant and the admission of its 
  securities. 
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 DATE OF NOTIFICATION: 
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 30 November 2017 
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 NEW/ UPDATE: 
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 NEW 
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This information is provided by RNS

The company news service from the London Stock Exchange

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November 30, 2017 06:00 ET (11:00 GMT)