TIDMAFPO
RNS Number : 1360R
African Potash Ltd
07 December 2016
7 December 2016
AFRICAN POTASH LIMITED
("African Potash" or the "Company")
First Day of Dealings on the ISDX Growth Market
The Board of African Potash, the AIM quoted company focused on
vertical integration of fertilizer operations in Africa and
Sub-Saharan potash assets, is pleased to announce that with effect
from 8.00 a.m. today, the Company's Ordinary Shares commenced
trading on the ISDX Growth Market. There are 1,142,165,711 ordinary
shares of no par value ("Ordinary Shares") each in issue.
Company Information
As announced on 26 August 2016, the Company received a purchase
order (the "Purchase Order") for 1,500 Metric Tonnes ("Mt") of urea
from the Zambia Co-Operative Federation ('ZCF'), a government body
which counts over two million smallholder farmers as members. The
Purchase Order has been made pursuant to a fertiliser supply
agreement entered into by African Potash with ZCF ('the Agreement')
and falls under the Government of Zambia's recently launched
innovative E-Voucher system (the 'E-Voucher Scheme').
On 2 August 2016, the Company announced that it has signed a
fertiliser supply agreement with Rockwell Fertilisers Limited
('Rockwell'), a supplier and distributor of fertilisers in Zambia.
African Potash will supply Rockwell with fertiliser products (NPK
and Urea) to be sold on to prospective buyers, namely retail
outlets who sell fertilisers to farmers in Zambia. This is
supported by the Common Market for Eastern and Southern Africa
('COMESA'), with whom African Potash has an existing agreement, and
Nutri-Aid Trust, a Zambian non-profit enterprise ('Nutri-Aid'),
with whom African Potash has a trading agreement to sell Urea and
other fertiliser products to Nutri-Aid's supply network, which
includes over 2,500 agro-outlets certified by COMESA and managed by
Nutri-Aid (with each outlet serving on average 300 farmers each).
The agreement with COMESA was entered into in August 2015 with a
view to creating a vertical platform for the mining, production and
distribution of fertiliser, focussed on the COMESA region and
beyond. This agreement marked a milestone development in the
establishment of the Company's fertiliser operations, giving the
Company an entry into the trading sectors of the fertiliser
industry to complement its established exploration interests
thereby implementing part of its strategy to create a vertical
platform for the mining, production and distribution of fertiliser.
Under the terms of the deal, African Potash has agreed to supply
and deliver to off-takers identified and introduced by COMESA.
Details of Directors
The full names of the Directors of the Company and positions are
as follows:
Mr Chris Cleverly
Executive Chairman
Mr Cleverly was called to the Bar in 1990, and subsequently
founded Trafalgar Chambers establishing himself as the youngest
head of chambers in the last century. In addition to his legal
work, Mr Cleverly is also the Chief Executive Officer of the Made
in Africa Foundation, a non-profit organisation established to
assist the development of the African continent by providing
first-stage funding for the feasibility studies and business
development of large-scale infrastructure projects based in the
region. He is also a regular presenter on TV and radio, and a
contributor to newspapers and magazines on subjects regarding
Africa and African development.
Rt Hon Lord Peter Hain
Non-Executive Director
Lord Hain was a Cabinet Minister for seven years and a
government minister for five years, holding a number of positions
including Foreign Minister, Europe Minister and Energy Minister.
During this time, he gained significant experience in diplomacy,
negotiation and conflict resolution. He is due to become a Member
of the House of Lords in October 2015. Lord Hain has also held
various directorships including positions with Amara Mining PLC,
Developing Markets Associates Ltd, ADR Group Accredited Civil &
Commercial Mediator and IDM Africa Business School. He is heavily
involved in charitable organisations and is Ambassador to the
Desmond Tutu Foundation, which aims to build peace in fractured
communities, Chairman of Donald Woods Foundation, which does
ground-breaking health and schools work in one of South Africa's
poorest areas and a Trustee of the Listen Charity, fundraising for
anti-poverty projects.
Mr Elias Pungong
Non-Executive Director
With a distinguished career spanning 25-years, Mr Pungong has
advised governments, multinationals and private sector institutions
across Africa on strategy, operation, and general management
issues. In his current role as Senior Partner and Oil & Gas
Leader for Africa at Ernst & Young (EY), he leads the firm's
transaction advisory and assurance work within the energy practice.
Prior to EY, he spent 14 years at PricewaterhouseCoopers (PwC)
where he was a member of PwC's Africa Leadership team, and Managing
Partner for the firm's Sub-Saharan Africa Francophone team, leading
the firm's expansion efforts across Francophone Africa. In his
other activities and functions, Mr. Pungong currently serves as
Honorary British Consul to the Littoral Region in Cameroon. A
Fellow at the Institute of Chartered Accountants of England and
Wales, Mr. Pungong, was also selected as one of the prestigious
Young Global Leaders by the Davos World Economic Forum in 2009,
earned an MA degree with first class honors in Mathematical
Statistics from Oxford University, and received advanced executive
training at the Harvard Kennedy School and the Yale School of
Management in global leadership, management and organisational
leadership.
Rt Hon Mark Simmonds
Non-Executive Director
Mr Simmonds is a Conservative Party politician in the United
Kingdom who served as the Member of Parliament for Boston and
Skegness in Lincolnshire, from 2001-2015. Most recently he held the
ministerial position of Foreign and Commonwealth Minister for
Africa and as such he has a deep knowledge of the business and
political landscape across the continent. During his parliamentary
career Mr Simmonds also held a number of shadow ministerial roles,
including for Health, International Development, Foreign and
Commonwealth Affairs, and Education. He is also the Non-Executive
Deputy Chairman of Commonwealth Enterprise and Investment Council,
which focusses on promoting trade and investment by facilitating
engagement between Government and the private sector throughout the
Commonwealth.
Mr Declan O'Brien
Non-Executive Director
Mr O'Brien has over 20 years senior management experience within
the financial sector, particularly relating to the African
commodity space. He is currently Chief Executive Officer ('CEO') of
Barak Fund Management, an African commodity focused investment fund
which provides bespoke trade finance and working capital solutions
to businesses. Prior to this, he was Global Head of Business
Development at Skybound Capital, a fund management business focused
on Africa and China. Other previous responsibilities include CEO of
Royal Eagle Investments (Pty) Ltd, an independent management
consultancy business, and Head of sales at BNP Paribas Cadiz
Securities, a South African-based specialist equity derivatives
broking and research company. In his role as Chief Commercial
Officer / Head of Sales at Global Trader, a South African based
online trading platform, Mr O'Brien was instrumental in the sale of
the company. He holds a Diploma in Financial Management, is a JSE
Registered Securities Trader and holds a certificate from the South
African Institute of Financial Markets' in the Registered Persons
Examinations (RPE).
Dr. Simon Dorling
Non-Executive Director
Dr. Dorling, is an Exploration and Structural Geologist with
over 19 years of industry experience and is a Principal Consultant
with CSA Global Pty Ltd ('CSA'). Dr Dorling and CSA were the
leading technical consultants for ASX listed Elemental Minerals
Limited, which owns 93% of the Sintoukola Potash Project
('Sintoukola'), located contiguously to African Potash's Lake Dinga
and as the Competent Person, Dr. Dorling developed Sintoukola from
a conceptual target to bankable feasibility study stage. He is a
Qualified Person and is also a member of the Australian Institute
of Geoscientists (MAIG).
Sector Classification
Fertilizer trading and investment in the mineral exploration
sector
Registered Office and Business Address
Richmond House
St Julians Avenue
St Peter Port
Guernsey GY1 1GZ
(T: +44 (0) 20 7408 9200)
Company website
www.africanpotash.com
Admission to AIM
The Company was admitted to trading on AIM as an investing
company on 30 September 2011.
Securities Settlement
The Company's articles permit the Company to issue shares in
uncertified form. CREST is a computerised paperless share transfer
and settlement system which allows shares and other securities,
including depository interests, to be held in electronic rather
than paper form and to be transferred other than by written
instrument.
Takeover Code
The Company is subject to the UK City Code on Takeovers and
Mergers. At admission to AIM, the Company was incorporated in
Guernsey under Guernsey law and was deemed to have its place of
central management in the UK. The Takeover Panel therefore
considered that the City Code applies to the Company.
Substantial Shareholder Information
The Company is aware of the following persons/entities who
directly or indirectly hold an interest in the Company representing
3 per cent. or more of the issued ordinary share capital of the
Company.
Shareholder Number of Shares % of issued share
capital
------------------------- ----------------- ------------------
White Knight Investment
Group 53,263889 4.66
------------------------- ----------------- ------------------
Green Cay Asset
Management 30,989,648 2.71
------------------------- ----------------- ------------------
Novum Securities
Limited 25,600,000 2.24
------------------------- ----------------- ------------------
In addition to the substantial shareholders the Directors hold
the following interest in the share capital of the Company:
Director Number of Shares % of issued share
capital
---------------- ----------------- ------------------
Chris Cleverly 6,000,000 0.53
---------------- ----------------- ------------------
Simon Dorling 2,075,000 0.18
---------------- ----------------- ------------------
The percentage of securities not in public hands is 0.71 per
cent.
The Directors
For further information, please contact:
African Potash
Chris Cleverly +44 (0) 20 7408 9200
ISDX Corporate Adviser:
Peterhouse Corporate Finance Limited
Guy Miller/Fungai Ndoro +44 (0) 20 7469 0936
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUNUWRNUAURAA
(END) Dow Jones Newswires
December 07, 2016 03:00 ET (08:00 GMT)
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