Schedule 1 - Leyshon Resources Limited
December 08 2010 - 2:00AM
UK Regulatory
TIDMLRL
RNS Number : 5508X
AIM
08 December 2010
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| 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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| |
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| COMPANY NAME: |
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| Leyshon Resources Limited |
| |
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| COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY |
| TRADING ADDRESS (INCLUDING POSTCODES) : |
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| 36 Outram Street |
| West Perth WA 6005 |
| Australia |
| |
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| COUNTRY OF INCORPORATION: |
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| Australia |
| |
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| COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY |
| AIM RULE 26: |
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| http://leyshonresources.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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| Leyshon Resources Limited is an Investing Company as defined in |
| the AIM Rules for Companies. The Company's broad strategy is to |
| target and acquire interests in high quality mineral assets |
| located in China, countries bordering China, Africa, South |
| America, Australia and Canada. |
| |
| Its detailed Investing Policy is as follows: |
| |
| - Pending the investment of the Company's available |
| cash pursuant to the policy described below, the Company may |
| embark on an on-market share buyback programme on AIM and ASX if |
| the Company's shares trade at a discount to net tangible assets. |
| |
| - In the view of the Directors and the Company's |
| advisers this will provide the liquidity necessary to enable |
| those Shareholders who otherwise may not be able to do so, to |
| sell their Ordinary Shares at or around cash backing per share. |
| |
| - The Company is of the view that the urbanisation of |
| 400 million people over the next decade will drive China's |
| growing demand for minerals and energy and that, increasingly, |
| Chinese companies will wish to acquire and develop resource |
| projects in their own right to meet this demand. |
| |
| - The Company proposes to draw on its six years' |
| experience in China and focus on acquiring and developing |
| mineral and energy projects in those commodities and located in |
| those countries which it believes will be of interest to Chinese |
| mining and other groups for either offtake, partnership or sale. |
| |
| - In the Company's view, based on its experience |
| dealing with private and state owned resource groups, China's |
| rapid growth in metal and mineral production has to a large |
| extent been based on known discoveries. The Directors believe |
| that the challenge is going to be to fill the demand pipeline |
| with new projects, which does not appear to be taking place now |
| that state funding has been redirected away from the provincial |
| Bureau of Geology and Minerals Resources. As a result Chinese |
| companies are seeking to acquire and develop known resources |
| elsewhere in the world. |
| |
| - The Company's primary strategy is to continue to |
| operate from Beijing, taking advantage of the strong technical |
| base it has established with the local design institutes, and |
| apply its technical, financial and development skills to invest |
| in early to late stage projects that can be advanced through a |
| combination of Australian and Chinese technical expertise to a |
| point where, based on the Company's experience, the project |
| meets the investment criteria for Chinese groups. |
| |
| - The initial focus will be those countries and |
| regions which rank highly for Chinese minerals and energy |
| investment such as Africa, South America, Australia, Canada, |
| China and those countries close to or bordering China. |
| |
| - The commodities and types of projects will be those |
| which in the Company's view will be of strong interest to |
| Chinese groups over the expected investment horizon and are |
| typically expected to be high value minerals and energy with |
| good development potential. |
| |
| - A key part of the strategy will be to bring the |
| Chinese group(s) into the project at the financing and |
| development stage. The Company will not be looking invest in the |
| construction and operation of projects itself and, accordingly, |
| the Company expects the return to Shareholders to be generated |
| by the capital growth in its projects. |
| |
| - The Company will be looking to make one or two |
| project investments at any one time with an expected investment |
| horizon of 2-3 years. |
| |
| - The Company does not anticipate that it will require |
| any significant debt funding as part of the proposed investment |
| strategy. |
| |
| - The Directors are experienced in evaluating |
| acquisition and investment opportunities and realising value in |
| the countries, commodities and types of project targeted and are |
| able to call on an extensive network of contacts and consultants |
| with independent expertise in the sector. |
| |
| - As the Company has disposed of its main undertaking |
| it will consider the application of ASX Listing Rule 11.1.2 |
| (shareholder approval of the disposal) and ASX Listing Rule |
| 11.1.3 (application of chapter 1 and 2 of the ASX Listing Rules |
| to the disposal) at the time of any future acquisition. |
| Depending on the size and the nature of any acquisition these |
| ASX Listing Rules may apply to the transaction. |
| |
| - The Company will be mindful at all times of |
| minimising expenditure and preserving the Company's cash balance |
| and evaluating investment opportunities against the alternative |
| of returning cash to Shareholders. |
| |
| - Any major investment will be put to Shareholders for |
| approval. |
| |
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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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| Securities to be admitted are Ordinary Shares of no par value, |
| number and issue price to be confirmed. There are no |
| restrictions on transfer and no shares are to be held in |
| treasury. |
| |
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| CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND |
| ANTICIPATED MARKET CAPITALISATION ON ADMISSION: |
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| To be confirmed |
| |
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| PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION: |
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| To be confirmed |
| |
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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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| The Company is dual listed and its securities are quoted on the |
| Official List of ASX Limited. |
| |
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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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| John Wilfred Sword Fletcher Non-executive Chairman |
| Paul Campbell Atherley Managing Director |
| Andrew Jefferson Berry III Non-executive Director |
| Richard Philip Seville 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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| Before Admission: |
| Paul Atherley 29,530,000 Ordinary Shares (13.67%) |
| Newmont Mining Corporation 12,500,000 Ordinary Shares (5.78%) |
| After Admission: |
| To be confirmed |
| |
| |
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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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| To be confirmed |
| |
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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) 30 June |
| (ii) 30 June 2010 |
| (iii) 31 March 2011, 31 December 2011, 31 March 2012 |
| |
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| EXPECTED ADMISSION DATE: |
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| 22 December 2010 |
| |
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| NAME AND ADDRESS OF NOMINATED ADVISER: |
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| Seymour Pierce Limited |
| 20 Old Bailey |
| London EC4M 7EN |
| |
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| NAME AND ADDRESS OF BROKER: |
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| Seymour Pierce Limited (as above) |
| |
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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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| On the Company's website (http://leyshonresources.com) |
| |
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| DATE OF NOTIFICATION: |
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| 8 December 2010 |
| |
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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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