W Resources PLC Conversion of Directors' Loans (2846A)
20 Enero 2020 - 1:00AM
UK Regulatory
TIDMWRES
RNS Number : 2846A
W Resources PLC
20 January 2020
20 January 2020
W Resources Plc
("W" or the "Company")
Conversion of Directors' Loans
W Resources Plc (AIM:WRES), the tungsten, tin and gold mining
company with assets in Spain and Portugal, announces that short
term loans provided by three of W's directors, as announced on 15
November 2019, have been converted to W ordinary shares of 0.1p per
share ("Ordinary Shares") at a price of 0.307p per Ordinary Share
as follows:
Loan value Shares issued Resultant holding Percentage
(GBP) (%)
Michael Masterman 200,000.00 65,146,580 1,180,919,370 18.20
Byron Pirola 100,000.00 32,573,290 347,068,750 5.35
Jim Argalas* 42,658.48 13,895,269 13,895,269 0.21
* EUR50,000
The conversion price of 0.307p is the volume weighted average
price for the week ended 10 January 2020 and represents a 5.86%
premium over the closing mid-price of 0.29p on 16 January 2020.
The Directors have agreed to convert these loans as a result of
conditions included in the additional facility agreement provided
by funds managed by BlackRock announced on 18 December 2019,
requiring the loans to be renegotiated and subordinated until 2023
or converted into equity.
With the additional facility from BlackRock and these loan
conversions as a result of that agreement, the directors will not
be subscribing for additional shares as referred to in the
Company's announcement of 16 September 2019.
Related party transactions
The conversion of loans by directors constitute related party
transactions for the purposes of AIM Rule 13. The independent
directors, having consulted with the Company's nominated adviser,
Grant Thornton UK LLP, consider that the terms of the loan
conversions are fair and reasonable insofar as the Company's
shareholders are concerned.
Settlement and Dealings
Application will be made for the new Ordinary Shares being
issued in connection with the Placing to be admitted to trading on
AIM with admission expected to occur on or around 24 January
2020.
Total Voting Rights
Following admission of the new Ordinary Shares, the Company's
enlarged issued share capital will comprise 6,490,042,779 Ordinary
Shares with voting rights. The Company has no shares held in
Treasury. This figure of 6,490,042,779 Ordinary Shares may be used
by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
W Resources Plc Grant Thornton UK LLP
Michael Masterman Colin Aaronson / Seamus Fricker
T: +44 (0) 20 7193 7463 T: +44 (0) 20 7383 5100
www.wresources.com
Joint Broker Joint Broker
Turner Pope Investments (TPI) Ltd Alternative Resource Capital /
Andy Thacker / Zoe Alexander Shard Capital
T: +44 (0) 203 657 0050 Alex Wood
www.turnerpope.com T:+44 (0) 207 186 9004
www.altrescap.com
Damon Heath
T:+44 (0) 207 186 9952
www.shardcapital.com
Alma PR
Justine James
M: +44 (0) 7525 324431
wres@almapr.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
CONGUGDBBUDDGGG
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January 20, 2020 02:00 ET (07:00 GMT)
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