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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Keras Resources Plc | AQSE:KRS.GB | Aquis Stock Exchange | Ordinary Share | GB00BMY2T534 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.50 | 2.50 | 4.50 | 3.50 | 3.50 | 3.50 | 0.00 | 06:55:39 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMKRS
RNS Number : 3777S
Keras Resources PLC
06 November 2019
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
6 November 2019
Keras Resources plc
('Keras' or the 'Company')
Confirmation of Reduction of Capital
Keras Resources plc, an AIM listed mineral resource company, is pleased to announce that the High Court of Justice (the 'Court') has made an order approving a reduction of the Company's capital, under the Companies Act 2006. The reduction comprises the cancellation of the Company's share premium account (the 'First Reduction').
Details of the First Reduction were set out in the circular to the Company's shareholders, dated 27 September 2019 (the 'Circular'), and the proposal was approved by shareholders at a general meeting of the Company held on 14 October 2019 (the 'General Meeting').
The First Reduction does not change the number of issued ordinary shares of 0.1 pence each in the capital of the Company, ('Ordinary Shares'), which remains at 2,491,358,439, nor the number of issued deferred shares of 0.4 pence each in the capital of the Company ('Deferred Shares'), which remains at 1,193,794,390.
On 19 November 2019, a further hearing is scheduled to take place in relation to the cancellation and repayment of: (a) all issued Deferred Shares; and (b) 0.09p of the capital paid up on each issued Ordinary Share (the 'Demerger Reduction').
The repayment will be by way of transferring 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 3.44229 Ordinary Shares registered in their name on the record date, which is expected to be at 6.00pm on the day of Court approval of the Demerger Reduction. The transfer of Calidus Shares to eligible shareholders is expected to take place by 29 November 2019, and before a proposed consolidation of the Calidus Shares which, if approved by Calidus shareholders, will take effect on 29 November 2019.
Details of the Demerger Reduction were set out in the Circular and approved by shareholders at the General Meeting. A further announcement will be made following the Court hearing in relation to the Demerger Reduction.
**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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(END) Dow Jones Newswires
November 06, 2019 02:00 ET (07:00 GMT)
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