AIM Schedule One - Bushveld Minerals Limited (9882X)
November 30 2017 - 6:00AM
UK Regulatory
TIDMBMN
RNS Number : 9882X
AIM
30 November 2017
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT
PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
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COMPANY NAME:
----------------------------------------------------------------------------------
Bushveld Minerals Limited (The "Company" or
"Bushveld Minerals")
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
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Registered Office:
18-20 Le Pollet
St Peters Port
GY1 1WH
Guernsey
Trading Address:
Illovo Edge Office Park
9 Harries Road
Building 3, 2(nd) Floor
Illovo
Johannesburg
South Africa
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COUNTRY OF INCORPORATION:
----------------------------------------------------------------------------------
Guernsey
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
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http://www.bushveldminerals.com
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF
OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY,
DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION
IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER
UNDER RULE 14, THIS SHOULD BE STATED:
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Bushveld Minerals is an AIM listed mineral project
development company with a portfolio of vanadium
and coal assets in South Africa and Madagascar,
including an interest in a vanadium-producing
operation and an investment in tin.
The Company has entered into a conditional agreement
to acquire 55 per cent. of the issued share
capital of Bushveld Vametco (being all of the
ordinary shares in Bushveld Vametco not currently
owned by the Group) from the Seller. Following
the Acquisition (assuming it is approved by
Shareholders at the GM), the Company will hold
100 per cent. of the issued share capital of
Bushveld Vametco and, through Bushveld Vametco,
will own 78.8 per cent. of Strategic Minerals
Corporation. Strategic Minerals Corporation
is the intermediate holding company that owns
a 75 per cent. interest in the Vametco Vanadium
Mine.
The initial consideration for the Acquisition
is US$11.1 million which will be satisfied through
the issue of the Consideration Shares and US$4.5
million in cash by the Company to the Seller.
In addition, there will be two deferred payments
of US$0.6 million following publication of the
Vametco Holdings accounts for the year ended
31 December 2018 and 2019 and a further payment
calculated by reference to the EBITDA of Vametco
Holdings in 2020 following publication of the
Vametco Holdings accounts for the year ended
31 December 2020.
The Acquisition constitutes a reverse takeover
under the AIM Rules for Companies. As a result,
the Company is seeking Shareholder approval
for the Acquisition at the General Meeting to
be held on 20 December 2017.
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING
ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES
(i.e. where known, number and type of shares,
nominal value and issue price to which it seeks
admission and the number and type to be held
as treasury shares):
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808,612,897 existing ordinary shares of 1 pence
each ("Ordinary Shares") (including 670,000
shares in Treasury) and 54,766,364 Consideration
shares totalling 863,379,261 Ordinary Shares
on Admission
There are no restrictions on the transfer of
the securities.
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
----------------------------------------------------------------------------------
None
Anticipated market capitalisation on admission
= GBP65.8 million (based on the closing mid
market price of BMN shares on 29 November 2017)
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
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16.32%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM
TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED
TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS
AIM SECURITIES) ADMITTED OR TRADED:
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None
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED
DIRECTORS (underlining the first name by which
each is known or including any other name by
which each is known):
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Ian Watson - Non-Executive Chairman
Fortune Mojapelo - Chief Executive Officer
Geoff Sproule - Finance Director
Anthony Viljoen - Non-Executive Director
Jeremy Friedlander - Non-Executive Director
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS
EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE
CAPITAL, BEFORE AND AFTER ADMISSION (underlining
the first name by which each is known or including
any other name by which each is known):
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Pre-Admission Post-Admission
----------------------------------- -------------------- --------------------
Name No. % No. %
----------------------------------- ------------ ------ ------------ ------
Hargreaves Lansdown Nominees 126,797,413 15.72 126,797,413 14.69
----------------------------------- ------------ ------ ------------ ------
Acacia Resources Limited 85,598,644 10.61 85,598,644 9.91
----------------------------------- ------------ ------ ------------ ------
Halifax Share Dealing 85,416,796 10.59 85,416,796 9.89
----------------------------------- ------------ ------ ------------ ------
Yellow Dragon Holdings
Limited 25,000,000 3.10 79,7652,250 9.24
----------------------------------- ------------ ------ ------------ ------
TD Direct Investing 58,073,632 7.20 58,073,632 6.73
----------------------------------- ------------ ------ ------------ ------
Jose Roy Hernandez Borromeo 37,969,130 4.71 37,969,130 4.40
----------------------------------- ------------ ------ ------------ ------
Selftrade - Talos Securities 31,409,484 3.89 31,409,484 3.64
----------------------------------- ------------ ------ ------------ ------
Mr Nicholas John Mallett 31,000,000 3.84 31,000,000 3.59
----------------------------------- ------------ ------ ------------ ------
Barclays Wealth and Investment
Management (UK) 30,279,467 3.75 30,279,467 3.51
----------------------------------- ------------ ------ ------------ ------
Interactive Investor Sharedealing 28,622,422 3.55 28,622,422 3.32
----------------------------------- ------------ ------ ------------ ------
A J Bell Securities 25,819,266 3.20 25,819,266 2.99
----------------------------------- ------------ ------ ------------ ------
Share Centre 24,771,273 3.07 24,771,273 2.87
----------------------------------- ------------ ------ ------------ ------
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE
WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
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None
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION
IN THE ADMISSION DOCUMENT HAS BEEN PREPARED
(this may be represented by unaudited interim
financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST
THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:
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(i) 28 February
(ii) 31 August 2017
(iii) Audited results for the year to 28 February
2018 by 31 August 2018; unaudited results for
6 months to 31 August 2018 by 30 November 2018
and audited results for the year to 28 February
2019 by 31 August 2019
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EXPECTED ADMISSION DATE:
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21 December 2017
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NAME AND ADDRESS OF NOMINATED ADVISER:
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SP Angel Corporate Finance LLP
Prince Frederick House
35-39 Maddox Street
London
W1S 2PP
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NAME AND ADDRESS OF BROKER:
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SP Angel Corporate Finance LLP
Prince Frederick House
35-39 Maddox Street
London
W1S 2PP
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT,
DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS)
THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM,
WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION
OF ITS SECURITIES:
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Copies of the admission document are available
on the Company's website www.bushveldminerals.com
The admission document will contain full details
about the applicant and the admission of its
securities.
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DATE OF NOTIFICATION:
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30 November 2017
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NEW/ UPDATE:
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NEW
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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