Tirupati Graphite PLC Update on Tirupati Speciality Graphite (8455J)
21 Agosto 2023 - 1:00AM
UK Regulatory
TIDMTGR
RNS Number : 8455J
Tirupati Graphite PLC
21 August 2023
21 August 2023
Tirupati Graphite plc
('Tirupati', 'TG' or the 'Company')
Update on TSG
Tirupati Graphite plc (TGR.L, TGRHF.OTCQX) (the "Company") the
specialist graphite producer and a supplier of critical minerals
for the green transition economy, provides an update with regards
to the potential business combination and ongoing relationship with
Tirupati Speciality Graphite Private Limited (now renamed PranaGraf
Materials & Technologies Private Limited) ("TSG" or
"PranaGraf").
PranaGraf is an Indian Company engaged in the manufacturing and
development of downstream flake graphite products and projects,
research and development of graphene and advanced materials, and
development of mineral processing technologies. The recent
rebranding of TSG as PranaGraf better reflects the business and its
strategy; however, it does not change the relationship it has with
TG.
Given the synergies between TG and PranaGraf, on 10 October 2018
the two parties agreed to a business combination arrangement under
a share swap deal. However, due to unforeseen regulatory
restrictions, the acquisition could not be completed, and therefore
no investment has been made by Tirupati into PranaGraf.
Following a review by a Board subcommittee which appointed a top
tier Indian legal advisor, TG announced on 11 July 2022 that it had
identified a number of options:
-- continued pursuit of regulatory approval for the Proposed Acquisition;
-- exploring the possible participation in alternative
investment vehicles for investment in TSG; and
-- exploring possible commercial arrangements with TSG.
In the meantime, the Company has focused its resources on its
twin priorities of:
i) addressing the operational challenges at its graphite mines
in Madagascar primarily caused by extreme weather conditions to
enable the ramp-up of production, and
ii) completion of the acquisition of Suni Resources which owns
two ready to develop globally significant DFS Status graphite
projects in Mozambique.
Having now completed these two strategic imperatives, TG intends
to focus its efforts to develop the options identified last year in
order to reach a workable arrangement with PranaGraf.
Shishir Poddar, Executive Chairman of Tirupati Graphite,
said:
"The 2018 agreement between Tirupati and PranaGraf to combine
the businesses has been frustrated by regulatory restrictions. The
many benefits encourage us to continue to seek solutions to enable
a combination to be executed. Having completed the acquisition of
Suni Resources and arranged the progress of ramp up of production
at our Madagascar projects, we are now well placed to focus on this
and shall update the markets as we progress further."
ENDS
For further information, please visit
https://www.tirupatigraphite.co.uk/ or contact:
Tirupati Graphite Plc
Puruvi Poddar - Chief of Corporate & Business admin@tirupatigraphite.co.uk
Development +44 (0) 20 39849894
Optiva Securities Limited (Broker)
Ben Maitland - Corporate Finance +44 (0) 20 3034 2707
Robert Emmet - Corporate Broking +44 (0) 20 3981 4173
FTI Consulting (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton / Nick Hennis / Lucy Wigney tirupati@fticonsulting.com
About Tirupati Graphite
Tirupati Graphite Plc is a specialist graphite producer and a
supplier of critical minerals for the green transition economy. The
Company places a special emphasis on "green" applications,
including renewable energy and energy efficiency, energy storage
and thermal management and is committed to ensuring its operations
are sustainable as well.
The Company's operations include primary mining and processing
in Madagascar, where the Company operates two key projects,
Sahamamy and Vatomina; 30,000 tpa installed capacity of
high-quality flake graphite concentrate with up to 97% purity is
currently being produced and sold to customers globally. The
Company has also acquired two advanced stage, and world class,
natural Graphite projects in Mozambique, and has commenced work to
optimise the economics for development of the construction
initiated Montepuez project.
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