zam4 Aug 2016 08:32
Settlement of the Put Options through the issuing of Ordinary Shares would, at the current share price of 7.63p as at 29 July 2016, result in RCL being issued 48.3 per cent of the total issued ordinary shares and a corresponding dilution of existing Shareholders and would not reduce the current level of gearing within the Company. Accordingly, the Board has decided to settle the Put Options in cash. In accordance with the Settlement Agreement, Zambeef will be required to pay the amount of USD 23,385,604 as follows: