Namibian Resources PLC Issue of 13,465,263 new Ordinary Shares at 4.75p (3835H)

TIDMNBR

RNS Number : 3835H

Namibian Resources PLC

13 March 2015

13 March 2015

Namibian Resources plc ('Namibian' or 'the Company')

Issue of 13,465,263 new Ordinary Shares at 4.75p per share.

Namibian announces that it has capitalised GBP639,600 of interest free loans advanced by directors and former directors and their associates by the issue of 13,465,263 new ordinary shares of 1p each ("Ordinary Shares") at 4.75p per share.

Out of the total of 13,465,263 Ordinary Shares, 4,383,158 Ordinary Shares are being issued to Brian Moritz, a director of the Company, in settlement of loans of GBP208,200.

In addition, 8,976,842 Ordinary Shares are being issued to a former director, Lord Sheppard, in settlement of loans of GBP426,400.

The interests of Brian Moritz and Lord Sheppard, following the capitalisation of loans, will be as follows:

 
                Existing number      Number of Ordinary  Resulting number       Resulting holding 
                 of Ordinary Shares   Shares being        of Ordinary Shares     as a percentage 
                 held                 issued              held after Admission   of the Ordinary 
                                                                                 Shares in issue 
                                                                                 immediately after 
                                                                                 Admission 
Brian 
 Moritz         18,040,330           4,383,158           22,423,488             25.77% 
Lord Sheppard   16,920,321           8,976,842           25,897,163             29.77% 
 

The interests of Lord Sheppard include shares held by companies controlled by him.

The issues of new Ordinary Shares to Brian Moritz and Lord Sheppard are considered to be related party transactions pursuant to the AIM Rules for Companies. The Independent Directors, being David Johnson and Michael Solomon, consider, having consulted with Grant Thornton UK LLP, the Company's nominated adviser, that the terms of the share issues are fair and reasonable insofar as the Company's shareholders are concerned.

Application has been made for admission of the 13,465,263 New Ordinary Shares to trading on the AIM Market of the London Stock Exchange ("Admission"). It is anticipated that Admission will occur and dealings will commence in the New Ordinary Shares on 20 March 2015. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares currently traded on AIM. Following Admission, there will be 86,998,615 Ordinary Shares in issue.

The above figure of 86,998,615 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 under the Disclosure and Transparency Rules.

Contacts

 
 Brian Moritz,                               Tel: [phone] 
  Director, Namibian Resources Plc 
 Colin Aaronson/Jen Clarke                   Tel: [phone] 
  Grant Thornton UK LLP, Nominated Adviser 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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