Sch 1 update - Leyshon Resources Limited (3490Y)
December 21 2010 - 5:23AM
UK Regulatory
TIDMLRL
RNS Number : 3490Y
AIM
21 December 2010
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION
IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM
RULES")
------------------------------------------------------------------------------
COMPANY NAME:
------------------------------------------------------------------------------
Leyshon Resources Limited
------------------------------------------------------------------------------
COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
------------------------------------------------------------------------------
36 Outram Street
West Perth WA 6005
Australia
------------------------------------------------------------------------------
COUNTRY OF INCORPORATION:
------------------------------------------------------------------------------
Australia
------------------------------------------------------------------------------
COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED
BY AIM RULE 26:
------------------------------------------------------------------------------
http://leyshonresources.com
------------------------------------------------------------------------------
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:
------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------
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):
------------------------------------------------------------------------------
Securities to be admitted are 246,525,724 Ordinary Shares of
no par value. Issue price of the Placing Shares is A$0.23 (approx
14.375p). There are no restrictions on transfer and no shares
are to be held in treasury.
------------------------------------------------------------------------------
CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED
MARKET CAPITALISATION ON ADMISSION:
------------------------------------------------------------------------------
A$7 million (GBP4.375 million) before expenses to be raised
on admission, anticipated market capitalisation GBP35 million.
------------------------------------------------------------------------------
PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
------------------------------------------------------------------------------
13.22% of shares not in public hands at Admission
------------------------------------------------------------------------------
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:
------------------------------------------------------------------------------
The Company is dual listed and its securities are quoted on
the Official List of ASX Limited.
------------------------------------------------------------------------------
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):
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
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):
------------------------------------------------------------------------------
Before Admission:
Paul Atherley 29,530,000 Ordinary Shares (13.67%)
Newmont Mining Corporation 12,500,000 Ordinary Shares (5.78%)
After Admission:
Paul Atherley 29,530,000 Ordinary Shares (11.98%)
Newmont Mining Corporation 12,500,000 Ordinary Shares (5.07%)
IDG Capital Management (HK) Ltd (8.82%)
------------------------------------------------------------------------------
NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2, PARAGRAPH (H) OF THE AIM RULES:
------------------------------------------------------------------------------
None
------------------------------------------------------------------------------
(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:
------------------------------------------------------------------------------
(i) 30 June
(ii) 30 June 2010
(iii) 31 March 2011, 31 December 2011, 31 March 2012
------------------------------------------------------------------------------
EXPECTED ADMISSION DATE:
------------------------------------------------------------------------------
31 December 2010
------------------------------------------------------------------------------
NAME AND ADDRESS OF NOMINATED ADVISER:
------------------------------------------------------------------------------
Seymour Pierce Limited
20 Old Bailey
London EC4M 7EN
------------------------------------------------------------------------------
NAME AND ADDRESS OF BROKER:
------------------------------------------------------------------------------
Seymour Pierce Limited (as above)
------------------------------------------------------------------------------
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:
------------------------------------------------------------------------------
On the Company's website (http://leyshonresources.com)
------------------------------------------------------------------------------
DATE OF NOTIFICATION:
------------------------------------------------------------------------------
21 December 2010
------------------------------------------------------------------------------
NEW/ UPDATE:
------------------------------------------------------------------------------
Update
------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
AIMFEEFSFFSSEEE
Leyshon Resources (LSE:LRL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Leyshon Resources (LSE:LRL)
Historical Stock Chart
From Jul 2023 to Jul 2024
