Altyn PLC Partial conversion of African Resources Limited (6265C)
January 23 2018 - 4:00AM
UK Regulatory
TIDMALTN
RNS Number : 6265C
Altyn PLC
23 January 2018
23 January 2018
Altyn Plc
("Altyn" or the "Company")
Partial conversion of African Resources Limited US$10 million
Convertible Bond
The Company is pleased to announce that African Resources
Limited ("African Resources") has given notice under the terms of
the Convertible Bond issued to it by the Company on 28 February
2016 for conversion of the equivalent of approximately US$9,720,060
of the US$10 million Convertible Bond into 233,333,333 new Ordinary
Shares of 0.1 pence each in the Company (the "Conversion"). This is
the maximum permissible amount allowable under the terms of the
Bond and the existing share authorities in place.
The conversion price will be three pence per share as stipulated
in the agreement. This is at a substantial premium of over 130%
above the closing share price on 22 January 2018.
African Resources, who is the majority shareholder, currently
owns 1,557,806,672 shares, comprising 66.7% of the issued share
capital. After the Conversion, African Resources will hold
1,791,140,005 amounting to being 69.8% of the issued share
capital.
The Company will apply for admission of the new Ordinary Shares
to trading on the Official List of the UK Listing Authority and to
trading on the London Stock Exchange's Main Market for listed
securities ("Admission"). Admission of the new Ordinary shares,
which will rank pari passu in all respects with the existing
Ordinary Shares of the Company, is expected to occur on or around
26 January 2018.
The Company has no Ordinary Shares held in treasury. The total
number of voting rights in the Company following the Conversion
will therefore be 2,567,675,463. This figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
The Company has been informed by African Resources that it
intends to convert the balance of the principal and accrued
interest, amounting to approximately US$1.7 million, into new
Ordinary Shares once the necessary shareholder approval has been
obtained at the Annual General Meeting.
The Board of Directors is pleased that African Resources has
undertaken the Conversion as the Company's balance sheet has been
strengthened and the Company will save an annual amount of
interest, which is currently payable on the Bond, of 10%, and the
Board sees this as a positive step in reorganising the capital
structure of the Company.
The Company's gearing and financing payments have decreased
significantly recently with the repayment of the EBRD loan, and
this conversion will further decrease the cash flow demands on the
Company.
Details of the Directors in the Company who have an interest in
African Resources, can be found in the notification of dealing form
which can be found below.
Aidar Assaubayev, CEO of Altyn Plc commented:
"The conversion of the Bond again shows that the majority
shareholder is confident in Altyn's prospects and is committed to
the long term development of the Company, converting for shares at
a substantial premium to the current share price".
Further Information:
For further information please contact:
Altyn Plc
Rajinder Basra
+44 (0) 207 932 2456
VSA Capital Limited
Andrew Monk/Andrew Raca +44 (0) 20 3005 5000
Blytheweigh (Financial PR)
Tim Blythe/Camilla Horsfall +44 (0) 207 138 3204
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Information on the Company
Altyn Plc (LSE:ALTN) is an exploration and development company,
which is listed on the standard segment of the London Stock
Exchange.
To read more about Altyn Plc please visit our website
www.altyn.uk
1 Details of persons discharging managerial responsibilities/person
closely associated
--- --------------------------------------------------------------------
a) Names Kanat Assaubayev
Aidar Assaubayev
Sanzhar Assaubayev
--- --------------------------------------------- ---------------------
2 Reasons for the notification
--- --------------------------------------------- ---------------------
a) Position/status Kanat Assaubayev
(Executive
Chairman)
Aidar Assaubayev
(Chief Executive)
Sanzhar Assaubayev
(Executive
Director)
--- --------------------------------------------- ---------------------
b) Initial notification/amendment Initial notification
--- --------------------------------------------- ---------------------
3 Details of issuer
--- --------------------------------------------- ---------------------
a) Name Altyn Plc
--- --------------------------------------------- ---------------------
b) LEI 213800MELPBPHIR1PO04
--- --------------------------------------------- ---------------------
4 Details of transaction(s): section to be
repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; (iv) each place where transactions
have been conducted
--- --------------------------------------------- ---------------------
a) Description of the financial instrument, Ordinary Shares
type of instrument of 1p each
Identification code GB00B015PT76
--- --------------------------------------------- ---------------------
b) Nature of transaction African Resources
Limited
Issued 233,333,333
Ordinary shares
on
Part conversion
of Convertible
Bond.
--- --------------------------------------------- ---------------------
c) Prices(s) and Volumes(s) Prices(s)
3 pence per
ordinary share
Volumes(s)
233,333,333
ordinary shares
--- --------------------------------------------- ---------------------
d) Aggregated information N/A
* Aggregated volume and price
--- --------------------------------------------- ---------------------
e) Date of transaction 22 January
2018
--- --------------------------------------------- ---------------------
f) Place of transaction London
--- --------------------------------------------- ---------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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