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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Archipelago Res | LSE:AR. | London | Ordinary Share | GB0033551721 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:5548L Archipelago Resources PLC 11 January 2008 ANNOUNCEMENT ARCHIPELAGO RESOURCES Plc Sponsorship of New Company Introduction Having regard to the geographic spread of the assets of Archipelago Resources Plc ("Archipelago" or the "Company") in Indonesia, Vietnam and The Philippines, Archipelago has over recent years been approached to consider assets in the natural resource sector with a focus on non-precious metals. Archipelago was established to focus on precious metal natural resource projects. The devotion of Archipelago's resources towards the non-precious metal opportunities is inconsistent with the current and future objectives of Archipelago. Consequently, to take advantage of the opportunities as they present themselves, Archipelago has established a separate entity, Archipelago Metals Limited, which will pursue those opportunities. Reason for the Offer Having established Archipelago Metals and provided its initial funding, Archipelago has been issued with 45 million Ordinary Shares and 22.5 million Options. Directors of the Company also hold 1.5 million Options. Your directors wish to separate the activities of Archipelago and Archipelago Metals and to that end Archipelago proposes to dispose of its interests in Archipelago Metals to Qualifying Shareholders of Archipelago so that those shareholders may continue to participate in the non-precious metals opportunities as well as the precious metal assets of Archipelago. As previously advised by the Company one project which would be relevant for Archipelago Metals to pursue would be that which the Vietnamese Deputy Prime Minister has asked the Company to pursue in cooperation with national minerals company Vietnam National Coal - Minerals Industries Group ("VINACOMIN") and provincial enterprises in a chromite project in Vietnam. Chromite is a major and fundamental constituent of stainless steel and the project's Asian location is considered strategically important. The Company and Archipelago Metals will be working with VINACOMIN to finalise a joint venture to further investigate the commercial potential of this early stage but large resource project and looks forward to making further announcements in due course concerning this project. The Offer Archipelago is seeking to dispose of all of the issued share capital of the Company, being 45 million Ordinary Shares, which are initially being offered to Qualifying Shareholders at 1p per Ordinary Share together with Options on a one for two basis. The pro rata entitlement of each Qualifying Shareholder is: 1 Ordinary Share and half an Option for every 4 Archipelago Shares held on the Record Date Qualifying Shareholders may, in addition, apply for further Ordinary Shares and Options in excess of their pro rata entitlement. The Offer will be conditional upon valid applications being received for over 50 per cent of the Ordinary Shares. In the event that valid applications are received for 50 per cent or less, the Offer will lapse and application monies will be returned to shareholders. If all the Ordinary Shares and Options are not applied for pursuant to the Offer, it is the intention of Archipelago, following completion of the Offer, to dispose of any residual holding of Ordinary Shares and Options to third parties. The directors of Archipelago have indicated that they intend to apply for their pro rata entitlements under the Offer (representing 5,873,956 Ordinary Shares and 2,936,978 Options). Proceeds of Sale and Expenses The total proceeds which it is expected will be raised by Archipelago from the Offer are approximately £450,000 and, after the deduction of expenses (detailed below), the expected net proceeds of the Offer are £440,000. The expenses of the Offer are estimated to be £10,000 and are payable by Archipelago. Record Date for Determining Entitlements and Action to be Taken The Record Date for determining Entitlements will be 14 January 2008. Qualifying Shareholders will be sent an offer document in a few days which will outline the procedure for shareholders to take in relation to the proposed offer. No action needs to be taken by shareholders until that time. Archipelago is a mining company listed on the AIM market of the London Stock Exchange. The Company's principal activities are gold mining and exploration in Indonesia (as 85% owner of the Toka Tindung Gold Project in Sulawesi), Vietnam (as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint ventures with VINACOMIN a Vietnamese Government mining company) and the Philippines (as option holder over a 100% interest in the Corplex tenements). Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc. Tel: 00-618-9364-8301 Richard Chase, Ambrian Partners Ltd Tel: 020-7776-6461 Ron Marshman / John Greenhalgh, City of London PR Limited Tel: 020-7628-5518 Gerry Beaney / Fiona Kindness, Grant Thornton Corporate Finance Tel: 020 7383 5100 www.archipelagoresources.com.au This information is provided by RNS The company news service from the London Stock Exchange END MSCZGGMMNGGGRZM
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