AIM Schedule 1 - Mercury Recycling Group plc (6086I)
July 27 2012 - 2:30AM
UK Regulatory
TIDMMRG
RNS Number : 6086I
AIM
27 July 2012
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:
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Mercury Recycling Group plc (to be renamed Ironveld plc)
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY
TRADING ADDRESS (INCLUDING POSTCODES) :
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Mercury House
Unit 17 Commerce Way
Trafford Park
Manchester
M17 1HW
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COUNTRY OF INCORPORATION:
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England and Wales
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED
BY AIM RULE 26:
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www.mercuryrecycling.co.uk to be become www.ironveld.com following
admission
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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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Mercury Recycling Limited, the Company's wholly-owned trading
subsidiary, operates under a Pollution Prevention and Control
(PPC) licence from the Government Environment Agency, and is
a recycler of fluorescent tubes, street lighting and other
discharge lamp types, together with mercury bearing waste streams
such as dental amalgam and thermometers. In early 2012, the
Group expanded its operations to include the collection, sorting
and export of batteries for recycling. The Group operates out
of a single site
in Manchester, which is currently one of the largest lamp recycling
facilities in Europe.
On 7 March 2012, the Company announced it had entered into
a conditional agreement with a wholly-owned subsidiary of Sylvania
Platinum Limited ("Sylvania") and Sylvania itself for the acquisition
of the Ironveld Group, which has rights to the vanadium-bearing
Ti-magnetite iron ore assets of the Sylvania Group, for approximately
GBP13.7 million.
The Ironveld Group has interests in Prospecting Rights in the
Northern Limb of the Bushveld Complex north of Mokopane, South
Africa. The Rights cover a group of seven adjacent farms, namely
Cracouw, Harriets Wish, Aurora, Nonnenwerth and Kransplaats
in the Capricorn District Municipality, and La Pucella and
Altona in the Waterberg District Municipality, all in Limpopo
Province. In total, the Rights cover an area of 165 km2. The
Ironveld Group intends to mine the Ti-magnetite iron ore as
feedstock for its own pig iron plant.
The consideration for the acquisition comprises the issue of
203,022,285 new Mercury shares, to be issued on completion
and distributed to Sylvania's own shareholders. The Company
is also proposing to raise GBP3.0 million (before expenses)
through a conditional placing of 44,444,444 new ordinary shares
to provide further working capital for the enlarged group.
The acquisition constitutes a reverse takeover under Rule 14
of the AIM Rules.
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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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285,578,822 Ordinary Shares of 1p each
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE) AND ANTICIPATED
MARKET CAPITALISATION ON ADMISSION:
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Placing of 44,444,444 Ordinary Shares at 6.75p per Ordinary
Share to raise GBP3,000,000
Approximate market capitalisation of GBP19.3 million on Admission
at the placing price
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:
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18.7%
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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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N/A
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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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Charles Giles Clarke CBE (Non-Executive Director)
John Nicholas Harrison (Non-Executive Director)
Peter John Cox (Chief Executive)
Terence Michael McConnachie (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 Number of Percentage of
ordinary issued share
shares held capital
Charles Giles Clarke* 5,319,877 14.85%
John Nicholas Harrison* 5,319,877 14.85%
HSDL Nominees Limited 3,764,715 10.51%
GHC Nominees Limited 3,491,668 9.75%
Joseph Dwek 3,238,019 9.04%
Ronald Atkins 1,667,500 4.65%
L R Limited Nominees 1,403,189 3.92%
Barclayshare Nominees Limited 1,255,248 3.50%
Giltspur Nominees Limited 1,195,650 3.34%
After Admission Number of Percentage of
ordinary issued share
shares held capital
Africa Asia Capital 39,746,893 13.92%
Michinoko Limited 22,222,224 7.78%
M&G Investment Management 19,764,751 6.92%
Nortrust Nominees Limited 16,523,197 5.79%
State Street Nominees Limited 11,698,599 4.10%
Charles Giles Clarke* 9,764,321 3.42%
John Nicholas Harrison* 9,023,581 3.16%
* Charles Giles Clarke and John Nicholas Harrison have interests
in shares in the Company through their shareholding in Westleigh
Investments Holdings Limited (of which they are also directors)
which before admission holds 5,319,877 shares and after admission
will hold 9,023,581 shares
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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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N/A
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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) 31 December
(ii) 31 December 2011
(iii) As follows:
a. 6 months ended 30 June 2012 by 30 September 2012
b. Year ending 31 December 2012 by 30 June 2013
c. 6 months ended 30 June 2013 by 30 September 2013
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EXPECTED ADMISSION DATE:
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16 August 2012
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Shore Capital and Corporate Limited
Bond Street House
14 Clifford Street
London W1S 4JU
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NAME AND ADDRESS OF BROKER:
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Shore Capital Stockbrokers Limited
Bond Street House
14 Clifford Street
London W1S 4JU
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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 this document will be available for inspection during
normal business hours on any weekday, Saturdays and public
holidays excepted, at the offices of Kuit Steinart Levy LLP,
3 St Mary's Parsonage, Manchester M3 2RD from the date of this
Document until one month from the date of Admission. This Document
is also available on the Company's website at www.mercuryrecycling.co.uk.
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DATE OF NOTIFICATION:
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27 July 2012
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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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