Subscription to raise GBP3,000,000 (2804E)
April 05 2011 - 2:00AM
UK Regulatory
TIDMURA
RNS Number : 2804E
Uranium Resources PLC
05 April 2011
Uranium Resources plc / Market: AIM / Epic: URA / Sector:
Exploration
5 April 2011
Uranium Resources plc ('Uranium Resources') or ('the
Company')
Subscription to raise GBP3,000,000
Uranium Resources plc, the AIM listed uranium exploration and
development company, has raised GBP3,000,000 (before expenses)
through a subscription of 100,000,000 new ordinary shares of 0.1
pence each ('Placing Shares') in the Company at a price of 3 pence
per ordinary share ('Placing'). The Placing has been subscribed to
by Uranium Resources' major shareholder and strategic investor
Estes Limited ('Estes').
On completion of the Placing the following changes will occur to
the interests of Estes in the ordinary share capital of the
Company.
Percentage
of Company's
Enlarged
Issued Share
Previous Shares New Shares Total Shares Capital
Estes Limited
(1) 162,500,000 100,000,000 262,500,000 45.1%
(1) Viacheslav Medvedev, a non-executive director of the
Company, is a director of Estes Limited and has been appointed to
the board of the Company by Estes.
The subscription by Estes ('Related Party') is a related party
transaction as defined by Rule 13 of the AIM Rules for Companies.
Accordingly, the independent directors (being Alex Gostevskikh,
Andrew Lewis, James Pratt, Hugh Warner and Ross Warner), having
consulted with the Company's nominated adviser, consider that the
terms of the Placing and the Related Parties' participation are
fair and reasonable in so far as the Company's shareholders are
concerned.
As previously announced, the City Code on Takeovers and Mergers
('City Code') does not apply to Uranium Resources because the
Company's place of central management and control is not located
within the UK, the Channel Islands or the Isle of Man. Investors in
the Company should therefore be aware that they are not afforded
the protections of the City Code.
The Company's articles of association contain a provision
entitling (but not requiring) the directors of the Company ('the
Directors') to disenfranchise any shareholder who fails to make a
mandatory offer in circumstances where such shareholder would be
required to do so if the City Code applied to the Company ('the
Mandatory Bid Provision'). For so long as the City Code does not
apply to the Company and Estes holds between 30 per cent. and 50
per cent. of the ordinary shares in the Company, the Mandatory Bid
Provision will apply (at the discretion of the Directors) in
respect of this Placing and any future acquisition of ordinary
shares by Estes in the Company. The independent directors have
considered the size of Estes' shareholding in the Company (post
Placing) and the benefits of continued support from Estes (among
other factors) and confirm that they do not intend to
disenfranchise Estes in the event that Estes does not make a
mandatory bid on completion of the Placing. Estes has no current
intention of making a bid.
The Placing is conditional inter alia on admission of the
Placing Shares to trading on AIM ('Admission'). It is expected that
Admission will occur, and dealings in the Placing Shares will
commence at 8 a.m. on 8 April 2011. The Placing Shares, when
issued, will rank pari passu in all respects with the Company's
existing issued ordinary shares.
Following completion of the Placing, there will be 581,743,750
ordinary shares of 0.1p in issue.
**ENDS**
For further information please visit www.uraniumresources.co.uk
or contact:
Alex Gostevskikh Uranium Resources plc Tel: +255 (0) 752
968 062
Ross Warner Uranium Resources plc Tel: +44 (0) 7760
487769
Hugh Warner Uranium Resources plc Tel: +61 (0) 413
621 652
Samantha Harrison Ambrian Partners Ltd Tel: +44 (0) 20 7634
(Nomad) 4700
Ben Wright Ambrian Partners Ltd Tel: +44 (0) 20 7634
(Nomad) 4700
Jeremy King Optiva Securities Ltd Tel +44 (0)20 3137
1904
Jason Robertson Optiva Securities Ltd Tel +44 (0)20 3137
1906
Hugo de Salis St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
Felicity Edwards St Brides Media & Finance Tel: +44 (0) 20 7236
Ltd 1177
About Uranium Resources
Uranium Resources plc is an AIM listed exploration and
development company. It is the Company's strategy to advance its
existing assets and strengthen its portfolio via opportunistic
acquisition. Uranium Resources has uranium licences in the highly
prospective Karoo Basin in Southern Tanzania.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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