TIDMTRR
RNS Number : 6054O
Trident Resources Plc
02 June 2020
2 June 2020
TRIDENT RESOURCES PLC
("Trident" or the "Company")
Admission to trading on AIM and First Day of Dealings
Trident Resources plc (to be renamed Trident Royalties plc), a
new growth focused mining royalty and streaming company, is pleased
to announce the admission of its ordinary shares of 1p each
("Ordinary Shares") to trading on the AIM Market of the London
Stock Exchange ("Admission"). Dealings will commence, at 8.00 a.m.
today under the ticker symbol TRR and ISIN: GB00BF7J2535.
The Company's Admission to AIM follows a successful placing,
raising gross proceeds of GBP16 million (approximately US$20
million) from the issue of 80,000,000 Ordinary Shares (the
"Placing") at a price of 20p per share (the "Placing Price").
HIGHLIGHTS
-- Trident plans to rapidly establish itself as a diversified
mining royalty and streaming company by constructing a portfolio to
broadly mirror the commodity exposure of the global mining sector,
with a bias towards production or near-production assets;
-- Raised gross proceeds of GBP16 million (approximately US$20
million) via a placing of 80,000,000 Ordinary Shares at a price of
20p per share;
-- On Admission, the Company will have 103,500,000 Ordinary
Shares in issue, giving it a market capitalisation at the Placing
Price of approximately GBP20.7 million (approximately US$25.8
million);
-- Once scale has been achieved, the Company expects strong cash
generation to support an attractive dividend policy, providing
investors with a desirable mix of inflation protection (through
exposure to commodities), capital growth and income;
-- Shareholder base includes leading institutional investors
such as LIM Asia Special Situations Master fund, Regal Funds
Management, Tribeca Investment Partners and Terra Capital Natural
Resources Fund.
Adam Davidson, Chief Executive Officer of Trident commented:
"With the completion of our recently announced GBP16 million
equity financing and AIM admission, we have developed a strong
platform from which to deliver our strategy. Our focus is now on
executing on our pipeline of transactions and assessing new
opportunities, ranging from new primary transactions to the
acquisition of existing royalty and streaming assets, as well as
portfolio transactions in the secondary market.
We look forward to life as an AIM quoted royalty and streaming
company and will be updating shareholders on our further progress
in due course."
James Kelly, Non-Executive Chairman of Trident commented:
"Our fundraising represents the largest equity placing
associated with a new listing in any sector across the London
markets in over three months, an outstanding achievement for a new
offering in the context of such difficult general market
conditions. I believe that this underscores the strength of both
our strategy and management team and we now look forward to
executing on our growth plans.
On behalf of Trident's board of directors, I would like to
extend my thanks to Adam and his team, our existing shareholders,
incoming investors and our adviser team for their support, hard
work and dedication in helping us get to this point."
ROYALTY & STREAMING STRATEGY
-- Trident considers mining royalty and streaming assets to
represent an attractive opportunity for investors, providing
exposure to commodity prices with a typically lower risk profile
than mining equities, allowing participation in growth from
development and exploration expenditure, without the associated
cost or dilution to the holder of the royalty or stream;
-- Strategy to participate in what Trident believes is a strong
growth market for alternative finance in the mining sector by
writing new royalties and streams, as well as consolidation of
existing royalties and streams available on attractive terms,
taking advantage of gaps in the market under-exploited by other
mining royalty and streaming companies;
-- Trident aims to assemble a portfolio of royalty and streaming
assets to provide investors with exposure to a mix of base and
precious metals, bulk materials (excluding thermal coal) and
battery metals, differentiating Trident from the majority of its
peers which are exclusively, or heavily weighted, to precious
metals;
-- Trident will seek to acquire royalties and streams across a
range of mining-friendly jurisdictions worldwide, while most other
royalty and streaming companies have portfolios weighted towards
mining assets located in North and South America;
-- Targeting attractive small-to-mid size transactions which are
often ignored in a sector dominated by large players;
-- Trident believes that the acquisition and aggregation of
individual royalties and streams has the potential to deliver
strong returns for shareholders as assets are acquired on terms
reflective of single asset risk compared with the lower risk
profile of a diversified, larger scale portfolio, including
diversity as to geography (lowering geopolitical risks) and
commodity exposure;
-- Producing royalties and streams can deliver strong and
predictable cash flows, which can be leveraged through debt to
enhance returns to equity and can underpin eventual dividend
returns to shareholders. In this regard, the Company has entered
into an exclusive mandate letter with Tribeca Global Resources
Credit in relation to the arranging, underwriting and raising of an
acquisition debt facility of up to approximately US$10 million;
-- First royalty acquisition, expected to complete shortly, is a
1.5% free on board royalty over part of the producing Koolyanobbing
Iron Ore Operation in Western Australia, operated by Mineral
Resources Limited (ASX: MIN, market capitalisation approx. US$2.5
billion), providing exposure to an immediately cash generative
royalty over an established asset which is currently undergoing a
production increase;
-- Trident has a pipeline of attractive follow-on transactions
with further acquisitions expected to be announced in the near
term;
-- Trident intends to maintain a low overhead model, capable of
supporting a larger scale business without a commensurate increase
in operating expenses. In the first 12 months following Admission,
total operating expenditure (excluding any deal related costs or
costs associated with performance related bonus payments) are
expected to be approximately US$1 million.
ADMISSION DOCUMENT
The Admission Document prepared by the Company in connection
with Admission is available at the Company's website:
www.tridentroyalties.com. Hard copies of the Admission Document are
also available during normal business hours at the Company's
registered offices: 2 Stone Building, Lincoln's Inn London WC2A
3TH.
CHANGE OF NAME
The Company has applied to Companies House to change its name to
Trident Royalties Plc. The restrictions on working that have been
imposed in response to the Covid-19 pandemic have resulted in a
delay to the processing of change of name applications by Companies
House and the Company does not have a firm date when this is
expected to be completed. A further announcement will be made once
the Company has received its change of name certificate and the
change of name becomes effective.
TOTAL VOTING RIGHTS
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission,
Trident will have 103,500,000 Ordinary Shares in issue with voting
rights attached. Trident holds no shares in treasury. This figure
of 103,500,000 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 to their
interest in the Company, under the DTRs.
ADVISERS
Tamesis Partners LLP, Ashanti Capital Pty Ltd and Azure Capital
Ltd are acting as financial advisers to the Company and Joint Book
Runners to the Placing. Grant Thornton UK LLP is acting as
Nominated Adviser. Bryan Cave Leighton Paisner LLP acted as UK
legal counsel, Charles Russell Speechlys LLP as legal counsel to
the Nominated Adviser and Joint Book Runners and PKF Littlejohn LLP
acted as reporting accountant.
For more information on the Company please visit:
www.tridentroyalties.com and follow the Company o n Twitter and
LinkedIn
ENQUIRIES
Trident Resources Plc www.tridentroyalties.com
Adam Davidson +1 (757) 208-5171
Grant Thornton LLP (Nominated www.grantthornton.co.uk
Adviser) +44 207 383 5100
Colin Aaronson/ Richard Tonthat
/ Seamus Fricker
--------------------------
Tamesis Partners LLP (Financial www.tamesispartners.com
Adviser and Broker) +44 203 882 2868
Richard Greenfield
--------------------------
Yellow Jersey (Public Relations) www.yellowjerseypr.com
Charles Goodwin +44 7747 788 221
--------------------------
Azure Capital Ltd (Financial www.azurecapital.com.au
Adviser) +61 8 6263 0888
John Toll
--------------------------
Ashanti Capital Pty Ltd (Financial www.ashanticapital.com.au
Adviser) +61 8 6169 2668
Rob Hamilton
--------------------------
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation EU No. 596/2015. Upon the publication
of this announcement, this inside information is now considered to
be in the public domain.
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
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June 02, 2020 02:00 ET (06:00 GMT)
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