Ajax Resources (LSE:AJAX)
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RNS Number : 5549H

Ajax Resources PLC

07 April 2022

April 7, 2022

AJAX RESOURCES PLC

("Ajax" or the "Company")

Ad m i ssion to Tr a d ing a nd Fi rst Day of Dea l i n gs

Ajax Resources P lc ("Ajax" or the "Company"), a special purp o se acquisiti on c o m pany established to deliver shareholder value through the acquisition of businesses or production and development assets in the energy and natural resources sector, is pleased to an n o un ce that, following an initial public offering ("IPO"), it has rai sed gross p r o cee ds of GBP 1,342,000 thr o ugh the issue of 33,550,000 new ordinary shares (the "IPO Shares") at a price of GBP 0.04 per IPO Share, of which the B oard of Direct ors (the " B oar d ") has invested an aggregate amount of GBP 1 30 , 0 0 0.

Application has been made for the entire issued share capital of 46,862,500 ordin ary shares, by way of a Standard Listing, to be a d mitted to trading on the Main Market for listed securities of the Lo n d on St o ck Exc hange.

D ealings in the Ordinary Shares are expected to com mence at 8 : 00 AM on April 7, 2022, under the ticker "AJAX" (ISIN : GB00BLNBD412).

Investment Highlights

The Company's initial focus will be to acquire an exploration or production company or business or asset(s) with operations in new energy or natural resources. The Company will seek a target to purchase where the Company can play an active role in the optimisation of strategy and execution and enhance existing management capabilities through the Directors' proven management skills and depth of experience.

N o r e mu nerat i on shall be p a yab le to the B o ard or management u n til c omp l e t i on of t he C o m pan y 's first acqu isiti on. F oll o wing ad missi on of the Ordinary S h ares to trad i ng on the Main M arket, the Dir ect ors will own a p pr o x i m a tely 27.84% of the C ompan y, ensuring sig nifica nt alig n ment w ith all shareh o l d ers. It is in te n ded that any c osts are to be kept to a m i n i m um a nd main b usiness acti v ities will be kept in-h o u se.

Additio nall y, Direct ors will be issued 9 ,372,5 00 options (the "Director Options") which will v est when the Company's sha re price reaches GBP0.08 or upon the successful completion of an acquisition. The Director Options are e xercisab le at the IPO price of GBP0.04 and ex pire in 5 years.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

"We are delighted with the su pp o rt we h a ve r eceived f or Ajax's li sting and wou ld like to th a nk a ll our n ew sha rehol d e rs for sharing the Board's confidence in our enterprise. The current energy market environment has created many attractive opportunities, and we a re therefore greatly excited to begin implementing our st r a tegy, leveraging on our Board's extensive natural resources expertise and networks to identify production and development assets in low-risk jurisdictions, which can be developed to generate significant shareholder value."

About Ajax:

Ajax aims to u se its str ong management ex perience and relatio nships to acq uire interests in proven, low-risk d e vel o pm e nt pro jects that hold significant undevelo ped u pside potential, as well as access to existing infrastru cture.

The Prospectus published by Ajax in connection with Admission can be found on the Company website ( www.ajaxresources.com ).

The Board

The B oard currently co m prises three Direct ors, who collectively have ex tensive experien ce and a pro ven track rec ord in o perating publicly qu o ted c om pan ies, invest ment, c orp orate finance and business acquisitio n, o peration and d e vel o pment in the energy sec t or, and are well placed to im ple ment the C o m pan y 's business o b ject i ves and strate g y.

Ippolito Cattaneo, Chief Executive Officer

Ippolito is a UK national with a bachelor's degree from the University of Bristol. He has a blend of financial and oil & gas experience, having started his working life at Standard Chartered Bank. He has worked for more than five years at Zenith Energy Ltd (an international energy company listed on the Main Market of the London Stock Exchange and Euronext Growth of the Oslo Stock Exchange) as Business Development and Investor Relations manager. During this time, he has gained significant experience in a multiplicity of regulatory environments, as well as playing an important role in enabling Zenith Energy to implement its development objectives in Africa and in other regions, both operationally and on a corporate level.

Ippolito has significant operational experience, having taken a key role in Zenith's activities in Tunisia, Italy, and the Republic of the Congo. He has in-depth knowledge of the requirements for project procurement and financing from beginning to completion, as well as having experience in the development of strategy and investor communications for listed companies.

Michael Hutchinson, Non-Executive Chairman

Michael Hutchinson began his career at Metallgesellschaft Ltd where he worked for 25 years, ultimately becoming the Managing Director in 1985. Metallgesellschaft Ltd was a metal trading subsidiary of one of Germany's largest industrial conglomerates. Notably, he was a Board Member between 1986-2006 of the world's largest market for industrial metal's trading, the London Metals Exchange (LME). Since this time, he has held several senior board and management roles, including Chairman of Metalloyd Ltd, a major supplier of steel and raw materials to traders, destructors and end-users and Chairman of Wogen Ltd, a speciality metals trading house.

He previously served as Non-Executive Chairman (from 2017-2021) of Bluejay Mining Plc, an AIM quoted mining exploration and development company, where he is presently a Non-Executive Director since January 2021.

In addition, he currently also serves Chairman of Tiberius Group AG, a commodity trading and investment company based in the canton of Zug, Switzerland.

Luca Benedetto - Chief Financial Officer & Executive Director

Luca Benedetto is an Italian national, trained in Italy as a registered accountant with further education in IFRS accounting and consolidation at IPSOA Milan. He has more than twenty-five years of accounting, auditing, and financial administration experience. Mr. Benedetto began his professional career as an accountant and computer programmer responsible for financial software development and worked for the Italian division of IBM as an internal auditor and accountant. He also was employed for seven years as a financial and administrative officer in a well-known Italian company specialising in the construction of fuel and water storage reservoirs.

Luca currently serves also serves as Managing Director of Zenith's Italian operations which produce natural gas and electricity. He has significant experience in the identification of projects and subsequent project financing through debt, equity, and mezzanine financing. He has both financial and operational expertise in the requirements of exploration, discovery, and subsequent production of natural resource projects.

Further information :

 
 Ajax Resources Plc                    Tel: + 44 (0) 208 146 6345 
  Ippolito Cattaneo, Chief Executive    info@ajaxresources.com 
  Officer 
 Clear Capital Markets (Corporate      Tel: +44 (0)20 3869 6080 
  Broker)                               keithswann@clear-cm.co.uk; jonathancritchley@clear-cm.co.uk 
  Jonathan Critchley/ Keith Swann 
                                      ------------------------------------------------------------- 
 Allenby Capital Limited (Financial    Tel: + 44 (0) 203 328 5656 
  Adviser)                              n.harriss@allenbycapital.com 
  Nick Harriss 
                                      ------------------------------------------------------------- 
 Camarco (Financial PR)                Tel: +44(0) 20 3757 4996 
  Georgia Edmonds / Emily Hall          emily.hall@camarco.co.uk 
                                      ------------------------------------------------------------- 
 

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April 07, 2022 02:00 ET (06:00 GMT)