We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Keras Resources Plc | LSE:KRS | London | Ordinary Share | GB00BMY2T534 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 2.56% | 2.00 | 1.80 | 2.20 | 2.00 | 1.95 | 1.95 | 122,987 | 13:03:46 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Iron Ores | 994k | -1.08M | -0.0134 | -1.49 | 1.6M |
TIDMKRS
RNS Number : 4204G
Keras Resources PLC
26 May 2017
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
26 May 2017
Keras Resources plc ('Keras' or 'the Company')
Conversion of Additional Debt
Keras Resources plc, the AIM listed mineral resource company announces that following the approval of the resolution which renewed the authority of the Company's Directors to issues new shares at the General Meeting on 24 May 2017, the Company will settle creditors amounting to GBP769,384 (including GBP639,537 due to Directors) via the issue of 205,937,977 ordinary shares of 0.1p each ("Ordinary Shares") at a price of 0.3736p (the "Conversion Price").
The amounts due to directors are set out below:
Amount Owed Director (GBP) Description Accrued director Dave Reeves 158,063 fees 53,333 Accrued director Russell Lamming fees 36,051 Accrued director Peter Hepburn-Brown fees 392,090 Outstanding loan Dave Reeves and accrued interest Total: 639,537
As such, the Company intends to issue 171,182,274 Ordinary Shares to the Directors (the "Directors Conversion Shares").
In addition the Company also intends to issue 34,755,703 Ordinary Shares at the Conversion Price to a current member of the Management Team and former director in lieu of accrued salary and director fee payments following the AGM (the "Management Conversion Shares").
The Conversion Price represents the Company's 30 day VWAP up to and including 25 May 2017.
Related Party Transactions
The issue of Directors Conversion Shares constitutes a related party transaction in accordance with AIM Rule 13. Mr Brian Moritz, the Company's Chairman, is considered to be an independent director for the purposes of AIM Rule 13. As such, the Company's independent director considers after consultation with the Company's Nominated Adviser, that the terms of the issue of the Directors Conversion Shares are fair and reasonable, in so far as its shareholders are concerned.
Application for Admission to Trading on AIM
Application has been made for the admission of the Directors Conversion Shares and the Management Conversion Shares to trading on the AIM Market of the London Stock Exchange ('Admission') and Admission is expected to occur on 2 June 2017. The Conversion Shares will rank pari passu with the existing Ordinary Shares, which are currently traded on AIM.
Holdings in Company
Following Admission, the beneficial shareholding of the Company's Directors will be as follows:
Director Shareholding % of Issued (Ordinary Capital Shares) Brian Moritz 25,833,333 1.2% David Reeves 332,591,718 16.0% Russell Lamming 56,219,961 2.7% Peter Hepburn-Brown 43,877,643 2.1% Total 22.0%
The holdings of certain other significant shareholders will also change and their likely new holdings are presented in the table below:
Shareholder Shareholding % of Issued (Ordinary Capital Shares) Narnia Holdings 96,969,452 4.7%
Total Voting Rights
Following Admission there will be 2,080,861,272 Ordinary Shares in issue with each share carrying the right to one vote. There are no shares currently held in treasury. The total number of voting rights in the Company will therefore be 2,080,861,272 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure Rules and Transparency Rules.
Keras Managing Director Dave Reeves said, "This repayment to creditors, primarily directors of the Company, via the issue of Ordinary Shares is a significant vote of confidence in the future prospects of Keras. This is the first stage in cleaning up the balance sheet of the Company, the next stage being the planned repayment of the acquisition finance facility predominately out of the capital raising associated with listing of the Company's gold assets on the ASX which is due for completion in the coming weeks. We are entering an exciting stage of development, which will strategically position the Company so that we gain prospective exposure to both the "safe-haven" of gold and the fast-growing battery / electric vehicle market. I believe Keras is well positioned for future growth and I would like to thank my fellow Directors, along with other long term supporters for this vote of confidence."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**
For further information please visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
Dave Reeves Keras Resources plc dave@kerasplc.com Nominated Adviser Gerry Beaney/David Hignell Northland Capital Partners Limited +44 (0) 20 3861 6625 Broker Elliot Hance/Jonathon Belliss Beaufort Securities Limited +44 (0) 20 7382 8415 Damon Heath/Erik Woolgar Shard Capital Partners LLP +44 (0) 20 7186 9952 Tom Curran/Ben Tadd SVS Securities Plc +44 (0) 203 700 0093 Financial PR Susie Geliher/Charlotte Page St Brides Partners Limited +44 (0) 20 7236 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPGUWCAUPMGWQ
(END) Dow Jones Newswires
May 26, 2017 10:00 ET (14:00 GMT)
1 Year Keras Resources Chart |
1 Month Keras Resources Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions