Amala Foods PLC Further re Corporate Update (3620D)
02 Marzo 2022 - 3:33AM
UK Regulatory
TIDMDISH
RNS Number : 3620D
Amala Foods PLC
02 March 2022
Amala Foods Plc
( " Amala " or the " Company")
Further re: Corporate Update
Amala Foods Plc (LON: DISH), a food technology company, is
pleased to announce a further update to the previous Corporate
Update on 17 February 2022.
The Company continues to progress dialogue with Terra Rara UK
Ltd with regards to the potential transaction and has executed an
updated term sheet which will form the basis of a definitive
agreement. Due diligence is now in process with a view to the
execution of an agreement to acquire the entire issued and to be
issued share capital of Terra Rara UK Ltd which holds majority
interests via two subsidiaries in several exciting Rare Earth
Elements (REE) projects in Uganda and Angola as announced
previously.
The Company has executed an updated term sheet with improved
terms that is subject to the execution of a definitive agreement.
The terms set out in the term sheet will provide current
shareholders with 30% of the enlarged Company . Based on the
current number of outstanding shares and the new FCA requirement of
a minimum market capitalisation of GBP30 million for new listings
that came into force on 3 December 2021, if successful, this
provides a " see through " valuation of approximately 2p per share.
The Company can confirm that it is also working with known funding
partners who have committed, subject to satisfactory due diligence,
to provide the funding for the transaction, at the valuation above,
in sync with Terra Rara vendors.
Whilst the Directors are optimistic that the transaction will
conclude, there can be no guarantees.
A i dan Bishop, Director, commented:
"Should this transaction conclude it will result in a complete
transformation for the Company."
Enquiries:
Jonathan Morley-Kirk, Non-Executive Chairman
jmk@bigdish.com
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
FURBKBBDCBKKONK
(END) Dow Jones Newswires
March 02, 2022 04:33 ET (09:33 GMT)
Amala Foods (LSE:DISH)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Amala Foods (LSE:DISH)
Gráfica de Acción Histórica
De May 2023 a May 2024