Arc Minerals Limited Share Buyback and Cancellation of Ordinary Shares

RNS Number : 2393I

Arc Minerals Limited

26 March 2024

 

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

Arc Minerals Limited

 

("Arc Minerals", the "Company" or the "Group")

 

Share Buyback and associated Cancellation of Ordinary Shares

Total Voting Rights

Arc Minerals Limited (AIM:ARCM) is pleased to announce, further to its announcements on 11 March 2024 and  12 March 2024 ("Placing Announcements"), that it has executed an off-market share buyback agreement pursuant to which it has acquired 22,539,746 ordinary shares of no par value each (the "Buyback Shares") from Sveriges Lärare (formerly Lärarnas Riksförbund) for a total consideration of £405,715.43 (the "Share Buyback"). Each Buyback Share was acquired for 1.8 pence per Buyback Share (being the same price paid by investors in the Company's recent placing as set out in the Placing Announcements). The Buyback Shares represent 1.53% of the total issued share capital of the Company.

As explained in the Placing Announcements, the Directors believe that the ability to buy back a specific targeted shareholding in this manner should be beneficial to shareholders as a whole since by executing such a transaction, the Company is able to ensure that the Buyback Shares are disposed of in an orderly manner so as to avoid a considerable volume of shares being sold in the market far in excess of normal daily volumes of trades.

Proposed Cancellation of Ordinary Shares

The Buyback Shares are being acquired in CREST through a purchase of depositary interests by the Company's broker and the Company has instructed its registrars to ensure those depositary interests are withdrawn from CREST and the Buyback Shares are cancelled. Application has also been made to cancel the Buyback Shares from trading on AIM. Cancellation of the Buyback Shares is anticipated to take effect on or around 4 April 2024.

Total Voting Rights

The Company confirms that following the cancellation of the Buyback Shares on 4 April 2024, the total number of Ordinary Shares in the capital of the Company in issue will be 1,446,014,263 with associated voting rights. There are no Ordinary Shares held in Treasury. This figure 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 to their interest in, the Company's share capital pursuant to the Company's articles of association.

As a result of the cancellation of the Buyback Shares, each shareholders' percentage shareholding will increase and accordingly, each shareholder should ensure that they comply with their obligations under Article 24.1 of the Company's Articles of Association (which can be found on the Company's website at https://www.arcminerals.com) to disclose interests in the total voting rights of the Company.

Contacts:

 

Arc Minerals	[phone]
Nicholas von Schirnding (Executive Chairman)
WH Ireland Limited (Nomad and Broker)	Tel: [phone]
Harry Ansell / Katy Mitchell / Isaac Hooper

 

 

 

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 [e-mail] or visit www.rns.com.

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

 

 

POSEAFDSADALEAA